Bench Stock Inventory Management

As a result the ipv program uses 55 additional personnel to manage bench stock material at a cost of 4 6 million and will not make use of almost 9 million of available inventory in defense depots to satisfy program requirements over the next 3 years.

Bench stock inventory management.

Inventory takes up storage space requires security and protection against spoilage jacks up your insurance costs and ties up cash you could be spending elsewhere. Proper management avoids high value inventories waste and monetary abuse minimization of losses resulting from obsolete parts on inventory. There are three main types of benchmarking. In a previous post we took a look at inventory management pain points and bad practices.

Bench stocks are low cost high use consumable supply classes ii clothing and equipment iii p packaged petroleum oils and lubricants iv construction materials and ix repair parts. In addition the current ipv program was not designed to address problems with the supply. Benchmark your inventory management processes to see your success skyrocket. Management management of repair parts on bench stock is vital for medical devices demanded on an occurring and routine basis.

A physical inventory of all bench stock part should be conducted every year. Inventory management is about knowing how much inventory you have when to order more and at what price.