Auditing Your MRO Inventory: Why it's Important and How Inliq India can Help
MRO inventory, or maintenance, repair, and operations inventory, includes all the supplies and equipment necessary to keep a business running smoothly. From replacement parts for machinery to office supplies and janitorial equipment, MRO inventory is a critical component of any organization's success. Not to get confused with those inventory in the form of Raw material and Finished goods which are the items when sold, generates core revenue for the company.
Maintaining and managing MRO inventory can be a challenging task. Not only is it essential to keep the inventory at the right level to avoid stockouts or overstocks, but it's also important to ensure that the inventory is up-to-date, in good condition, and being used effectively. One way to to ease this problem is through regular auditing.
Auditing MRO inventory involves a detailed examination of all the items in the inventory to ensure that they are being used efficiently and effectively. This includes verifying the accuracy of stock levels, identifying obsolete or excess inventory, and assessing the condition of items in the inventory. The benefits of conducting regular MRO inventory audits are numerous and as follows.
Improved Inventory Management: By auditing your MRO inventory, you can identify areas where you can improve your inventory management processes, such as reducing overstocked items or ordering more frequently used items in larger quantities. Also, it gives you insights about your fast moving, slow moving, surplus, obsolete items which are lying in your store.
Cost Savings: As already mentioned, auditing can help identify obsolete or slow-moving inventory, which can then be liquidated to generate cash flow which eventually can be utilised in main operation activity and generate more cash by increasing working capital. Also, it helps in reducing cost involved in storage space which are huge in some cases wherein the store is leased by the company.
Improved Equipment Reliability: By auditing your inventory, it is ensured that replacement parts and equipment are available when needed to operate the plant smoothly, you can reduce downtime and improve equipment reliability.
Inliq India is a company that specializes in liquidating excess and surplus inventory. By working with Inliq India, you can leverage their expertise in inventory management and liquidation to optimize your MRO inventory and improve your cash flow. Inliq India's liquidation services can help you in
Auditing your Inventory: They have multidisciplinary specialised team who have vast industrial experience in operation, maintenance, inventory management and auditing. The team comes to your store where your MRO inventory is lying, gather some inputs and information required to carry out the audit and after detailed analysis, they submit you the detailed report on inventory with recommendations which if liquidated can help you optimise your inventory and improve cash flow of your company.
Sell Excess Inventory: Inliq India helps you identify and sell excess inventory that is tying up valuable warehouse space and reducing your cash flow. InLiq India have a state of art technology which helps you to list your all excess inventory on their platform and helps you connect to their vast industrial network to get it liquidated.
Generate Cash Flow: By liquidating excess inventory, you can generate cash flow to reinvest in your business or pay down debt. This increase your inflow of the cash and on other hand freeing up your store space will decrease your outflow of the cash and subsequently improving your overall balance sheet of the company.
Improve Inventory Management: Inliq India's inventory management services can help you identify areas where you can improve your inventory management processes, such as reducing overstocked items or ordering more frequently used items in larger quantities.
To summarise our discussion, auditing your MRO inventory is essential to ensure that it is being used effectively and efficiently. By working with Inliq India, you can leverage their expertise in inventory management and liquidation to optimize your MRO inventory and improve your cash flow. Contact Inliq India today on www.inliq.in to learn more about their inventory management and liquidation services.
