The new SMACNA “Materials and Inventory Management Guide” provides member contractors with a resource on purchasing and inventory management systems. Whether simple or complex, these systems are a set of rules for deciding when to purchase materials and services and how much to purchase.
This practical document provides contractors with guidance on:
- Analyzing purchases for inventory, quantity levels and oversight
- Inventory management systems—software and manual systems
- Inventory replenishment methods
- Valuing inventory for use
- Reporting dashboards—operational and financial
While attempting to lengthen account payable terms and shorten account receivable terms are definitely worthwhile endeavors, this document focuses on what contractors can control 100 percent of the time, which is your inventory and management strategy.
Check out SMACNA’s “Materials and Inventory Management Guide” available on the Business and Management section of the SMACNA website.