Control Tooling Inventory Costs
Keep a lean tool inventory and boost your bottom line. Keep multiple tools on hand and boost profit with your production output. Choosing between keeping lean or keeping stocked can seem like a game of chance.Keep a lean tool inventory and boost your bottom line.
Keep multiple tools on hand and boost profit with your production output.
Choosing between keeping lean or keeping stocked can seem like a game of chance.
On the one hand you can streamline tracking and reduce excess stock by digitizing your inventory, on the other you may work on better use of versatile tools across multiple applications. Or is there no need to make a choice between the two?
Learn how to take control instead of rolling the dice by using one of three key profit-based strategies for your shop.
In April 2022, McKinsey & Company reported a 15-20% value potential when inventory is managed digitally. Digitized inventory control provides real-time tool tracking in the context of your shop’s production schedule. With the complete picture of upcoming jobs, inventory stays lean because you know what to order and when.
In addition, accurate information is communicated to the entire team working on each job. A digitized inventory strategy gives a holistic view to your entire team, including people and partners who work outside of your company. With Seco’s Inventory Management digitized solution for example, your vendors are included as part of your inventory information pipeline. In addition to tracking and reporting on when and why tools are used, you can automate orders to minimize lead time.
The new material market is projected to grow by $150 billion by 2025. By putting versatile tools to work in your shop, you have tools on hand with broad capabilities that can take on new machining opportunities. As you incorporate versatility into your profit plan, think of tools that can take on challenging materials and demanding specifications.
Three Seco Tools are ideal choices to have on hand to take control of costs while maximizing production:
Seco JSE510 Solid End Mill Series: Square end mills and a selection of ball nose tools designed for any milling application in steel, stainless steel, cast iron, titanium and some aluminum.
TP25 Grade Turning Inserts: All-purpose performance with a wide variety of steels, stainless steels, nodular ductile irons and easier heat-resistant superalloys.
Hydraulic Chucks: Designed for fast tool changes and works with all common spindle interfaces.
“Continuous improvement” is more than a management slogan. It is a commitment. For control of inventory costs specifically, actively audit and examine your processes and products to identify opportunities for enhancements. Benchmark best practices and measure progress at regular intervals. Most importantly, take the steps to move improvements forward. It is true that digitizing inventory and incorporating versatile tools might require change. At the same time, implementing either strategy is ideal for people who value and seek continuous improvement in their production process.
Seco’s Manufacturing Efficiency Evaluation can help. This consultancy service examines your entire production system to help you better understand your overall operations and find opportunities for improvements.
Apply all three strategies and you can take even more control of your inventory and costs.
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