Bench Stock Inventory Management

Inventory management is about knowing how much inventory you have when to order more and at what price.

Bench stock inventory management.

In a previous post we took a look at inventory management pain points and bad practices. 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. Benchmarking helps you assess the performance of a process by some means of measurement including by time value or quality. In inventory management the process of moving raw materials from receiving to a warehouse storage location can be measured for the time it takes.

Benchmark your inventory management processes to see your success skyrocket. In addition the current ipv program was not designed to address problems with the supply. Management management of repair parts on bench stock is vital for medical devices demanded on an occurring and routine basis. 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.

A physical inventory of all bench stock part should be conducted every year. There are three main types of benchmarking.