Once you quantify it, sell it, scrap it or trade it. Oftentimes you can find someone who needs your excess or obsolete inventory. Also, do not stock material or items you can get in 24-48 hours. Let the supplier carry it for you. Do not be afraid to use it.
Many companies fail to track and make warranty claims to the manufacturer because it takes time.
Conversely, if you sell a product that comes with a warranty, take all the necessary steps to minimize or eliminate warranty claims against you. Make sure the product meets specifications before you ship it to the customer. Although there are appropriate situations for overtime, it should not be a regular occurrence. Look at the reasons for overtime. If the reasons for overtime are for mechanical breakdowns, inventory problems, rework or some other questionable reasons, you need to investigate these other areas and take appropriate action.