Inventory Management Services | Experiencing Issues Managing Your Inventory?
Posted by Michele DeWitt in Standard News
At Standard Electric, our Inventory Management Solutions not only reduce your ordering costs, carrying costs and cost of goods, but eliminate stock out costs and increase productivity. Standard Electric is the expert in managing your inventory directly to your point of use locations.
Jay Van Geffen, Inventory Services Manager for Standard Electric, outlined a frequently asked list of questions from customers looking to reduce inventory-related costs. Have a question not listed here? Contact our Inventory Management team today to see how we can reduce inventory-related operating costs!
How many accounts do you have?
· We currently have over 100 accounts in four states. We service both OEM and MRO accounts. Jay Van Geffen, Inventory Services Manager, personally travels to all accounts to set up the accounts and meet with customers at least twice a year.
What parts do you stock?
· We stock anything a customer will use. Unlike other distributors, we stock based on usage, not just everything in the customer's inventory. We keep customer usage quantities on hand at the local Standard Electric stocking facility that services the customer's facility. We also assist in sourcing parts that the customer needs, which may include hydraulic and pneumatic parts, tools, cardboard, circuit boards, plumbing and more.
What kind of reports do you offer?
· Min/Max reports
· Dollars Shipped
· On Hand Inventory Dollars
· Inventory Turns
· Pricing Analysis
· Shipment History
· Part Number Index
· Custom reports based on customer's needs can be reviewed to see if applicable or available.
Are you flexible with how to do things?
· We have the flexibility to add and alter existing Inventory Management solutions to directly meet the customers needs.
Do you substitute parts?
· We only substitute parts on the customers approval. Our team will do everything possible to get the parts our customer needs, but should a part be unavailable, we inform the customer so they can determine if the substitution is acceptable.
Can we visit one of our existing accounts?
· If a customer needs a clearer picture of how our inventory management services work, they can request to set up a tour at an existing account. This way, they can see the process first hand, ask questions and get a feel for Standard Electric's Inventory Management system.
What do you need from us to get this started?
· To get this service started, you request an Inventory Management meeting with your Standard Electric Account Manager or Jay Van Geffen. Your Account Manager, along with the Inventory Services Manager, will sit down with the customer, establish a parts list with min/max levels. After that, we formulate a parts list with estimated annual usage and evaluate min/max levels. If there are no existing min/max levels, we will examine existing usage reports. If there are no existing usage reports, we can set the min-max’s, then increase and decrease as needed. After establishing the inventory management plan, we will take a look at where the physical inventory will be located within the customer's facility and get the bins set up properly and organize per the customer’s needs. Following this, we’ll determine with the customer if they have enough racking and bins to support the parts being put on the program.
Can we make changes to the program?
· Yes, changes can be made any day through an e-mail or phone call to the VMI Driver, Account Manager, Sales Support Specialist or the Inventory Services Manager. Communication is key between all involved in the process to make the program work efficiently for both sides.
For more information about our Inventory Management Solutions, contact your Standard Electric Account Manager.