Improving operational efficiencies will lower the cost of operations, and inventory management is a great place to start. Carrying too much inventory can lead to lower turns, inefficiency, and additional storage and maintenance costs. But not carrying enough inventory can lead to machine down time, frustrated customers and lost revenue.
Companies seek to maintain the optimal level of inventory. This can be achieved by having visibility of what inventory or part is needed directly from the device. In doing so, inventory can be managed in real-time to minimize wastage and maximize cash flow. The data is probably there – you just need the means to collect, analyze and apply it. Doing so can help the organization to become more efficient and achieve near just-in-time inventory control.