Asset Management Event - Part 3

Summary

This video explores strategies for organizing and managing inventory in industrial settings. It discusses common challenges faced in storerooms, such as disorganization, security issues, and inefficiency, and provides solutions like effective shelving, RFID systems, and software tools like Storm Logix for automated inventory management. The speaker presents case studies showcasing the impact of these solutions, emphasizing the importance of organization, training, and data management to improve efficiency and save costs. The video offers practical advice for creating, reorganizing, and maintaining a functional storeroom to streamline operations and reduce errors.

Takeaways

• 😀 Storm rooms are essential for organizing and storing mechanical and electrical parts in a plant, ensuring efficient upkeep.
• 😀 Storm Logix is the software used for inventory control, providing automated solutions for tracking and managing parts.
• 😀 VMI (Vendor Managed Inventory) and CMI (Customer Managed Inventory) are two types of inventory systems, with VMI being managed by the vendor and CMI controlled by the customer.
• 😀 Dynamic reallocation involves transferring parts between machines to get them working, which can lead to challenges in inventory tracking.
• 😀 A major problem for factories is the disorganization of inventory, often resulting in wasted time and resources due to parts being lost or misplaced.
• 😀 Solutions for improving store rooms include shelving, drawers, pallet racks, electronic lockers, and RFID systems to enhance security and organization.
• 😀 Organizing inventory can be done by part type, machine, vendor, or manufacturer depending on the company's preference and needs.
• 😀 Effective inventory management involves moving everything at once, training personnel, limiting access to rooms, and performing cycle counts regularly.
• 😀 Storm Logix helps automate the inventory management process by providing features like checkout systems, automatic ordering, and transaction reports.
• 😀 A well-organized storm room can save a company significant amounts of money, as evidenced by a case study where proper management led to $10,000-$20,000 savings by avoiding incorrect part usage.
• 😀 The use of smart hardware, including RFID systems, helps track parts automatically, reducing manual effort and minimizing errors in inventory management.

Q & A

What is the Storm Room and how does it function in a factory?

The Storm Room is a dedicated location in a factory where mechanical and electrical parts are stored for maintenance purposes. It is crucial for upkeep, ensuring parts are organized and accessible for technicians. Proper organization helps prevent lost time and confusion when searching for parts.

What does Storm Logix software do?

Storm Logix is a software system used for inventory control, helping track parts, manage checkout processes, and reorder supplies automatically. It enables real-time updates and provides reports on part usage, helping factories manage their inventory effectively.

What is Vendor Managed Inventory (VMI) and how does it differ from Customer Managed Inventory (CMI)?

Vendor Managed Inventory (VMI) involves the vendor managing inventory levels, ensuring parts are available when needed without the customer having to track stock manually. Customer Managed Inventory (CMI) is where the customer oversees inventory levels but still utilizes automated systems to reorder parts when stock reaches a certain level.

What are some common problems faced by factories regarding store room management?

Factories often deal with issues such as clutter, lack of organization, multiple storage locations, parts being grabbed without proper tracking, security problems, and difficulty in keeping track of what parts are available or needed.

How can proper hardware organization help resolve store room issues?

Proper hardware organization, such as shelving systems, lockers, pallet racks, and RFID tagging, helps eliminate clutter, maximize space, ensure security, and prevent parts from being misplaced. It makes it easier to access and track parts, improving efficiency in the store room.

What role does RFID play in store room management?

RFID (Radio Frequency Identification) allows for automated tracking of parts. Each item is tagged with an RFID sticker, and when it is taken, the system automatically updates inventory levels and reorders stock when needed. This eliminates the need for manual tracking and reduces errors.

What are some of the solutions for preventing unauthorized access to high-value parts?

To prevent unauthorized access, electronic lockers and inventory plus systems are used to secure high-value parts. Access is restricted to authorized personnel, ensuring that only the right people can retrieve certain items, and it helps track when parts are used.

How does the Storm Logix system help automate inventory management?

Storm Logix automates inventory management by tracking part usage through a checkout system, where parts are scanned and removed from inventory. When stock levels reach a set threshold, the system automatically triggers a reorder process, ensuring parts are always available.

What are the benefits of using vertical lift modules (VLM) in a store room?

Vertical Lift Modules (VLM) help optimize space by storing parts vertically rather than occupying floor space. They are ideal for environments with limited floor space but high ceiling heights. VLMs can hold thousands of parts and are modular, allowing for scalable solutions.

What was the outcome of the case study presented in the script?

In the case study, a factory's messy store room was reorganized by installing new shelving, consolidating parts from multiple locations, and implementing Storm Logix for inventory control. As a result, parts were properly organized, inventory errors were reduced, and the factory saved $10,000-$20,000 by preventing the misuse of high-value parts.