Project Site Inventory Management
Construction Inventory Management demands companies and suppliers to keep track of their stocks, procure industrial goods, store them in a logical location with an apt temperature, and supervise the quantity and quality of their construction goods frequently. However, construction industry in-house managers have a challenging time following up on every inventory record because of the assortment of projects they deal with.
As a construction inventory manager, one has to be meticulous in dealing with delayed, lost, or misplaced supplies, and maintaining them on the balance sheet is an arduous task.
Why Inventory Management System is needed in construction?
Order Precision
Maintaining inventories will let the inventory handler analyze the exact quantity of stocks, eradicating the chances of items to be
overstocked, understocked and obsolete stocks, sustaining the quality of items. Therefore, giving a better planning and supply of stocks.
Forecast Future Sales
Inventory data allows stock handlers to get insights into the quickly exercised items, allowing them to adjust the construction industry material
accordingly. Henceforth,offering firm and astute business decisions.
Reduces the risk of pilferage
The materials and resources of the company are often used without authorization by employees for personal purposes. Although, accurate
inventory planning will deter employees or workers from plundering production materials. An Inventory Management system will allow the business owner to review all the production materials and the costs, leaving zero opportunities for pilferage.
Compliance
Many contractors might not be able to realize it, but compliance is one of the ideal uses of inventory systems. In many ways, the software
solutions can be used, from ensuring that safety equipment complies with OSHA standards to environmental regulations to government transportation maintenance requirements. Indeed, compliance is an ideal way to use this technology.
Tracking Your Materials and Equipment
Inventory management usually starts with keeping track of all construction tools, equipment, and materials per job site. This is where you need to
maintain your inventory control and obtain accurate and updated oversight over equipment parts and materials. The data you have is expected to be adjusted as values change.
Over time, managing your inventory can be harder. This is one of the reasons why it’s vital to make changes in how you handle this specific area. Not taking it seriously may affect your company’s bottom line.
The key Activities of the Construction Inventory management includes:
- Getting the required materials from suppliers as per BOQ (Bill Of Quantities)
- Engage Contractors & issue them materials in time
- Track Consumption of materials against the BOQ of that area
- Reconcile and settle the contractors
- Complete the progress of the Project
This might also include:
- An inventory of tools, including manufacturer details, instructions, parts requirements, and so on.
- A consumable inventory (i.e. nuts, bolts, screws, nails, drill bits, wire, batteries, and so on) with a system that alerts when supplies are lower.
- Automatic scheduling of preventative maintenance for tools, plant and equipment, helping to ensure that unnecessary down-time for repairs is avoided.
- An inventory app, downloaded to operatives’ phones.
- Radio-frequency identification (RFID) and barcode solutions.