There are multiple departments in a construction project and the thing that connects all of them is ensuring the materials are purchased, delivered, and properly managed all the time to avoid delays.
When the business starts to grow and starts to get multiple projects simultaneously, managing materials can be cumbersome. The schedule for receiving materials and scheduling orders can be complicated at times.
Maintaining accurate and streamlined information is crucial throughout project execution. There may be some problems and challenges that could result in delays when inventory management is not done properly. Delays in construction increase the costs of the project.
What’s in it for you to have good inventory management?
Inventory management is beneficial in every business. Keeping track of all equipment and materials used on each job site is complicated but this can be done easily using new technology such as an inventory management system that is accessible via a computer, laptop, or mobile phone.
There are lots of factors that may lead to project delays. One of these is an unforeseen shortage of materials caused by poor inventory management. Shortage often causes delays in progressing with the project and this will also have a bad impact on your business’ image for not following the timeline you and your client agreed to.
Achieving an optimized inventory will not only avoid delays but also avoid damage to your reputation. The following are ways to minimize problems in material management.
Make a Suppliers List
There are some instances where you will encounter problems with the materials and this requires prompt action. Any problem with inventory management can easily result in delays and affect the project financially. This is why you should have a list of all the suppliers including their contact information in case of a materials shortage.
It is also best if you get suppliers that process rushed orders. Having an on-call supplier can help you with such an inventory problem.
Regular Audit of Existing Materials
This can be a tedious task, but a regular audit of materials is very crucial to ensure smooth business operation and continuity. Keeping tabs on materials is required in every project to prevent unforeseen shortages and losses. Small items such as nails, drill bits, and rivets are fast-moving items, commonly overlooked, but cause losses that aren’t accounted for in the long run.
Make sure you have accurate information about all the equipment and consumable materials.
Consider New Technology
The construction industry is well versed in technology regarding engineering and architectural designs. But the thing is, these are not the only important aspects. The execution is part of it. Getting accurate information on inventory levels is essential for an industry that handles numerous amounts of materials to complete a certain project. Doing things traditionally in monitoring inventory is such a hassle. Human error is inevitable. A single mistake in tracking everything may cause shortages of materials, delays, and eventually costs.
Keep in mind that everything that contains a supply, material, or equipment is a location. Looking after what’s going in and out of these places is exhausting especially when you have to do a physical audit every time you require information. Using an inventory management system is the key to simplifying every process. Preferably, you would get a system that can increase inventory visibility and can manage multiple locations. This will help you get streamlined and centralized data in each location. You also want to consider a tool that is accessible anytime, anywhere. Whether you’re in the field, office, or even at home.