Many projects were affected because of inventory management issues. The success and completion of a project depend on your workers’ skills and the tools and equipment you provide them to perform the tasks. The manager’s failure to manage the inventory of the construction project will ultimately fail the overall project. Managers and the responsible person on a construction site must keep their eyes open to see the things affecting a project’s progress and completion. Taking necessary actions to control the factors is critical.
Keep scrolling the article to get knowledge of managing your inventory and who to consult when you face claims and disputes.
Top 5 tips for construction inventory management
Management of tasks you perform is very important to keep things on track and according to the initial plan. Inventory management is also equally important as the management of other construction site tasks.
In this article, we will share some important tips that you must consider to manage the inventory.
1. Use alert systems or technologies
The use of technology is always beneficial. To compete in the market and take a competitive advantage over your competitors, incorporating technology in your work is crucial. In construction inventory management, it is necessary to use alert systems to notify when the inventory has low levels. It will help arrange the new resources and refill the store before you are out of construction site equipment or resources.
2. What are individual employees using?
Another way to manage inventory is by keeping track of your employees and the stock they use every day. You will get an idea about the employees that are properly using the merchandise and the ones that are wasting the inventory. It helps control inventory and deal with construction claims later on in the future.
Construction site owners or the contractors hire construction claims consultants Dubai based consultancies to resolve the claims that occur due to mismanagement of the inventory.
3. First in First out (FIFO)
The general rule of thumb that the inventory that enters the stock early is most likely to finish early. Make a list of the items entering the supply along with the dates. Keep reviewing and updating the list every day to ensure you have enough collection left until the suppliers’ next delivery.
4. Inventory audits and data sheets
Having inaccurate and wrong data about the inventory can cause a lot of damage on a construction site. Thus, the construction project may delay, eventually increasing the number of conflicts and disputes on a construction site. The project’s cost increases due to the delays resulting in an extra overhead to hire construction delays expert to resolve the dispute.
5. Supplier details in hand
You never know when you will be short of stock and inventory. For dealing with such situations, you must have contacts of suppliers who can supply you with the construction site equipment in urgent cases. It is one of the effective ways of inventory management on a construction site.
What are the ways to conduct inventory management activities?
Conducting inventory management activities is essential as they can save a construction project from failure. Inventory management activities are like precautionary measures to take necessary actions before a problem arises. Below are some of the ways to conduct inventory management activities easily.
1. Inventory audits
Wrong information about the inventory and the construction site equipment and tools can result in many problems. The incorrect levels of stock in the records have affected many construction projects. The construction managers must conduct inventory audits and have the updated inventory audit reports to keep track of the inventory levels. Before inventory audits, construction managers or contractors had many conflicts and claim issues.
The wrong information on the stock levels was the root cause of the claims. Mismanagement of the inventory, not having proper documentation on the resources’ usage led to the project failure. Contractors and the project management opt for construction claims consultants Dubai-based companies to resolve claims due to inventory mismanagement and other matters.
2. Inventory management software
Technology has the solution to every problem if the skills to use technology are good enough. Most construction sites and other businesses are using the updated and latest technology to keep the inventory record. There are certain software’ that provide alerts and updates when the inventory in hand is low. It helps the construction managers to take necessary actions before they are short of stock.
Requesting the suppliers for more stock and resources is always good, and this is only possible when you know your current inventory.
Benefits of inventory management
Every construction must have an inventory management system for the timely completion of the project. You have hired the employees to work, and they can only work if they have the availability of tools and resources. Your workers will stay idle if they do not have the equipment, which means that your project completion time will increase. An increase in project completion time increases the cost to complete the budget.
Considering the above problems, it is always important to manage the inventory always to be safe.