How well companies physically manage their inventory and storage spaces affects their ability to be cost- and time-efficient in operations and purchasing. Datastream helps customers analyze and evaluate their inventory and storage practices to identify, track, and organize parts and supplies. The result is a more functional, reliable storeroom, better inventory processes, and inventory reductions—all of which can lead to improved efficiency and cost savings.
Datastream’s Inventory Storeroom Management services include:
Asset Identification
To identify, document, and standardize the data for assets located across a facility, Datastream recommends an asset walk-down at each plant. Data is verified and collected, and a spreadsheet template of key attributes and fields to collect for assets is created. This serves as the basis for creating an asset master list for entry into the customer’s current or future Asset Performance Management system.
Parts Identification
Datastream helps identify, document, and standardize the data for all of the parts in the facility’s storeroom, generally via a walk-down. A Datastream consultant then works with the company’s team to develop a spreadsheet of all the items that are identified as valid storeroom items. This is presented in a standard format which serves as the basis for developing an item master across all sites.
Process Development
After helping companies define proper ways to perform inventory checkouts, returns, physicals, valuations, and purchasing procedures, Datastream establishes baselines using an "Industry Metrics & Best Practices" approach. This method measures performance against proven quality standards that streamline and strengthen inventory practices. For example, if a plant wanted more control over the flow of parts in and out of the storeroom, Datastream would combine the industry best practices with the client's specific needs to make inventory more stable and highly controllable.
Spend Analysis
Taking a company’s cleansed database a step further, Datastream analyzes items to determine minimum inventory levels, excess inventory, recommended active inventory, and obsolete items. In addition, spend can be analyzed by supplier, commodity type, and stock versus non-stock to identify supplier consolidation opportunities. Datastream helps companies uncover opportunities for significant savings with item and spend analyses. Datastream analyzes and organizes items by commodity groups, categorizes them into active, surplus, obsolete, and "spot-buy" groups, and recommends optimal inventory levels. Spend analysis involves identifying vendor market share by commodity group based on dollar amount and Stock Keeping Unit (SKU) to help companies negotiate better corporate-wide unit-cost reductions.
Storeroom Organization
Datastream helps companies build a storeroom organization plan by electronically organizing inventory into commodity groups and developing integral barcoding procedures. The commodity groups include bearings, electrical parts, pipes, valves, fittings, air and hydraulics, industrial supplies, instrumentation, and Original Equipment Manufacturer (OEM) supplies. Organizing the storeroom helps companies save time and capital, ensuring the right parts are on-hand and eliminating surplus and obsolete inventory.