Inventory Management

Coordinating the movement of material and equipment across various locations while ensuring timely availability of mine inventory can be a tricky balancing act. This is particularly true in the mining industry where the majority of sites are quite remote. Insufficient inventory can lead to production disruptions and missed opportunities. Meanwhile, excessive stockpiling or stockouts can quickly add to your bottom line with storage fees and fluctuating commodity prices.

Evolving regulatory requirements in inventory management also require companies to be meticulous in documenting and tracking the storage and transport of materials. To navigate complex supply chains with multiple stakeholders including suppliers, transporters and distributors, a streamlined inventory management system is critical.

Key Client Challenges:

How do we maintain healthy inventory levels while engaging multiple suppliers, transporters and distributors?

1. How can we optimize our inventory forecasting for accurate projections and planning?
2. Are there ways we can avoid excessive stockpiling or stockouts due to extended lead times?
3. What inventory control strategies can we implement to minimize costs associated with holding inventory such as storage locations and commodity price fluctuations?
4. How do we ensure compliance with regulatory requirements and environmental standards when managing inventory?

Addressing these challenges will require leveraging technology for demand forecasting and tracking, optimizing supply chain processes, establishing effective communication channels with suppliers, and adopting continuous improvement practices that are strengthened through behavioral change.