Inventory
In respect of Agility, Inventory refers to the English definition of the word, rather than the American i.e. it is Spare Parts or Stock NOT Assets.
In Agility terms specifically, Inventory is either:
• The parts that you may fit/replace on Assets to fix or repair mechanical/electrical problems etc.
• Items held in stock for your Labour resources to use e.g. Safety gloves, Hard Hats etc.
Depending on the scale and nature of your business, your Inventory could equate to a massive cost and therefore requires exacting management to ensure:
• Accurate stock levels
• Manageable stock costs
• Timely repair and servicing of essential assets
• Provision of required safety equipment
• Appropriate storage of spare parts
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