Construction inventory
An inventory is an itemised list or record of all current goods, materials and other assets which exist in a particular location at a particular time. It may also include their value.
The term inventory is more commonly used in the USA and Latin America than in the UK, where it may be referred to as ‘stock’ or ‘stockholding’.
In construction, inventory management is a means by which construction companies and suppliers can keep track of goods and materials, workforce, equipment, plant and so on. This is particularly important when a construction company has multiple projects to manage, as efficient scheduling of resources can be very complicated.
Numerous software packages are available to facilitate the process of inventory management; they can save time and effort, and so contribute to the profitability of contractors and suppliers.
A well-managed inventory can be critical to profitability as delayed, misplaced or lost items can incur avoidable delays and unnecessary costs. A project timeline, planned in advance, with a full inventory including the required materials, labour and equipment is a vital part of the project planning process.
This might also include:
- An inventory of tools, including manufacturer details, instructions and parts requirements.
- A consumable inventory (such as nuts, bolts, screws, nails, drill bits, driver bits, wire and batteries) with a system that alerts when supplies are low.
- Automatic scheduling of preventative maintenance for tools, plant and equipment, helping to ensure that unnecessary down-time for repairs is avoided.
- An inventory app, downloaded to operatives’ phones.
- Radio-frequency identification (RFID) and barcode solutions.
For more information see: Logistics management.
NB The UN Procurement Practitioner's Handbook, produced by the Interagency Procurement Working Group (IAPWG) in 2006 and updated in 2012 defines inventory as: ‘Any material, component or product that is held for use at a later time.’
The Chartered Institute of Procurement & Supply (CIPS) Glossary of procurement terms, defines inventory as: ‘The stock of goods, materials or products.’ It defines inventory management as: ‘The process of ensuring the safe and efficient storage and control of stock, including managing demand and movement.’
The glossary of statistical terms, published by the Organisation for Economic Co-operation and Development (OECD), defines inventories as: ‘…stocks of outputs that are still held by the units that produced them prior to their being further processed, sold, delivered to other units or used in other ways, and stocks of products acquired from other units that are intended to be used for intermediate consumption or for resale without further processing.’
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