We’ve all heard about the concept of “just in time” inventory. Instead of cluttering up your stock room with products you don’t currently need – or waiting until you’re already out of stock to place a new order – you optimize your inventory levels and reorder parts and merchandise at exactly the right time.
Of course, this approach to inventory management can be easier said than done – especially when you’re a busy rental company. Not only do you have to balance stock levels for your shop’s repair parts, but also for ancillary products that you offer for sale at your rental counter. When you’re dealing with a fleet of hundreds or even thousands of machines – or multiple branches across a particular region – this process can get complicated.
InTempo brings rental companies an easier way to manage their inventory. Min/Max ordering lets you set specific parameters for how much – or how little – of a particular part or product you would like to have on hand. From there, you can combine a Min/Max Inventory Report with a Reorder Report. This gives you a clear picture of what items are below the optimal level. From there, your Parts Managers and Rental Coordinators can reorder with each supplier. InTempo even calculates suggested quantities to order, making it even easier to get a handle on your rental inventory.
It’s hard enough to manage inventory at one store, but when you’re managing multiple branches and maybe even a dealership or two? You need a system that can analyze each location’s inventory separately.
InTempo lets you run min/max parameters at the item level (across your entire company) or at the location level (for any or all open branches).
Jeff Loomis, InTempo’s Director of Business Development, explains why he recommends Min/Max ordering for many of the rental companies we work with:
“Buying inventory before you actually need it doesn’t just clutter up your stock room; it can quickly skyrocket your OPEX if you aren’t careful. Reordering parts and products when you only have a left in stock frees up some of your cash flow for other purchases. But, keeping careful track that you aren’t waiting until it’s too late is crucial. You don’t just need to watch your current stock levels; you need a solid way to forecast customer demand, using both historic and seasonal trends. It can take a little work to get the process ‘just right’, but once you do…life becomes much easier for your team.”
Min/Max ordering is just one of the ways InTempo helps rental companies streamline their inventory management. Everything you do – from cycle counts and purchase order creation to accounts payable and accounts receivable – is in one system, with all the resulting records tied together.