Large-scale production in manufacturing and processing industries, multiple sites located across various geographical locations will often have a large volume of maintenance, repair and operations (MRO) spare parts.
The inventory data for maintenance, repair and operations spare parts are fed into the Inventory Management System, usually done by different personnel in each location. Each individual has a tendency to use their own standard for naming conventions and reflect their individual or specific environment preferences rather than a formally agreed norm.
It is this variation that interrupts the efficient operations of a manufacturing/processing facility and therefore requires urgent standardised naming patterns to identify each particular spare part or component. It is pivotal to avoid confusion and inconsistencies in the legacy system, as standardisation will facilitate saving a huge cash investment in the inventory and bring considerable savings for the organisation.
There is a need for large global organisations to recognise these challenges, and to re-think standardising of maintenance, repair and operations (MRO) spare parts naming to be able to leverage data naming and deduplication services to manage its impact on the Inventory Management System.
Lack of standard structures and naming patterns (Noun Modifiers) together with perceptions and convenience cause the purchase description to become inconsistent, partial or non-comparable. This leads to a critical situation, that when addressed can make managing your inventory a whole lot easier, saving you time and money.
These naming patterns have a detrimental impact, as they would cause the following issues:
- Excess stock holding
- Increase in inventory costs
- Inefficient management of capital
- Cause unexpected downtime impacting on production deadlines
- Duplication of stock items
It is our experience of working with manufacturing clients and procurement teams, even regular purchases across various sites, suffer incurred costs and employ increased resources that could be better utilised if data naming and deduplication services were employed.
A comprehensive classification of standard structures and naming patterns (Noun Modifiers) helps to build a glossary that can be utilised across locations and also by various functional units and departments.
This offers the following benefits:
- Better ROI of inventory
- Reliable classification and categorisation of parts
- Eradication of naming duplication
- Display exact stock available data in the inventory
- Stock optimisation