Facility Inventory Management

Buildfolio Facility Inventory Management allows you to keep track of your facility inventory items in terms of both quantity and cost.

An inventory is a consumable item such as a light bulb, hand towel, air filter and battery. There are several reasons why one wants to keep track of inventory items:

1. Stock availability – to ensure that there is always enough stock to run your facility operation.
2. Cost management – most inventory items cost little but can amount to a considerable sum of money in totality. Proper management of the inventory usage can prevent wastage and monitor cost.
3.  Accountability – to minimise fraudulent behavour like taking a stock item for personal use because the inventory usage is tied to work orders.

Inventory Management module allows for the management of a master catalogue as well as individual store-specific inventory catalogues. Processes are in place for inventory check-in, check-out and stock condemnation. Store managers can configure inventory parameters such as re-order quantities and pricing model, and conduct stock audits and analysis to identify most important stocks, rate of usage and the cost of inventory by individual cost centre.

Features

• Manage master inventory catalogue
• Manage multiple stores with multiple material catalogues
• Manage multiple inventory costing methodologies (AVG, FIFO)
• Manage inventory check-in and check-out processes
• Allow for stock condemnation
• Manage periodic stock audits

Benefits

• Monitor and planning of future budget for requisition of inventory
• Minimize investment of unwanted inventory
• Prevention of loss of stock and wastage due to expiry of inventory’s shelf life
• Streamline parts and inventory management
• Optimize inventory levels through metrics such as frequency of out-of-stock, rate of usage, EOQs (Economic Order Quantity), lead times and re-order thresholds
• Seamlessly integrate inventory management with work order management to account for inventory consumed by maintenance