6 Useful Tips to Reduce Obsolescence

This is how Rune started the conversation about obsolescence in the machine dealer business.

A historic injury in the business based on the principle of "nice to have" over "need to have".

But how do you reduce obsolescence?

Here is our advice:

1. Invest in stock management - Implementing an inventory management system can help better track and manage inventory, reducing the amount of obsolete parts.
2. Send the parts back - Quite simply. The parts you do not get to use must be sent back to the supplier.
3. Set up obsolescence percentages - By using obsolescence percentages, you quickly get an overview of how large a proportion of the stock value is obsolete.
4. Sell obsolete parts - If the damage has been done, then it is time to sell the parts. In this way, you secure a portion of the profit versus none if you continue to leave them in stock. For that purpose, you can use web-parts.com, among other things.
5. Continuous improvement - Continuously review and improve the processes that can help identify areas for improvement and make adjustments to prevent obsolete parts from becoming a problem in the future.
6. Planning and forecasting - Planning and forecasting can help you anticipate the need for certain parts, thereby initiating measures to ensure they are available when needed.

If you have a good advice specifically for reducing obsolescence, please share it with us and your colleagues right here.

And if you want to read more about obsolescence rates, you can do so by clicking here.