Identifying Critical Spare Parts: One of the key causes of incorrect critical spare parts assessment is the assumption that just because a part is critical for the equipment that it is also to be classified as a critical spare part for the storeroom. In this short video Phillip Slater explains
Materials Master Data Maturity in the Era of Industry 4.0
This content has been removed However, you might be interested in this article, Management of Spare Parts: Are You Playing by the Right Rules.
Storeroom Management: The 3 As For Effective Management
Storeroom management is one of the key functions associated with spare parts inventory. To be effective you need to pay attention to the 3 As of storeroom management. This short video discusses each of those in turn. Storeroom Management: The 3 As For Effective Management Video Transcript Hi, my
Adopting a Zero Inventory Mindset
Are you concerned with how much inventory you have in stock? Do you know what is meant by a ‘Zero Inventory Mindset? This article explains three questions to ask and how to apply the Zero Inventory mindset to your inventory. We Don’t Live in an Idealized World In an idealized
Last Time Buy and Spare Parts Management (Video)
With all spare parts, at some point, you will have to make a decision about your last time buy. This need comes about in several different ways but the decision is still the same: What will be the final quantity of that part that you are going to purchase? Phillip
The Problem with Spare Parts Inventory Optimization
Do you know what the problem is with spare parts inventory optimization? Yes, spare parts inventory optimization is terrific. It helps companies adjust their stock holding levels, reduce their working capital and reduce their procurement costs. However, there is a problem – as Phillip Slater explains in this short video.
Inventory Optimization is Multi-Factorial
The issue with inventory optimization is that it is multifactorial. That means it relies on a whole range of different factors in order to be truly effective. If you focus solely on one single criterion, one of those factors, then you are likely to be missing out on big opportunities
Identifying Best Practices for Spare Parts Inventory Management
One problem with ‘identifying best practices’ is that while it may be possible to define targets for almost everything that you do, implementing actions to achieve those targets may not actually make any difference to your overall results. Another problem is that discussions on practices are usually not objective
The High Cost of Free Parts (Video)
Does your company buy spare parts as part of new capital equipment purchases? Are these then treated as ‘free spare parts’ when used by your team?. There are some very real consequences from how we treat those so-called ‘free’ parts. It’s just that sometimes they’re not so obvious to us.
Mastering Spare Parts Management Meetings – Part 2
Mastering Spare Parts Management Meetings is a two-part video series developed from a presentation and interview with Joel Levitt. Introduction It is a fact of life that spare parts management meetings are required for both planning and decision-making. Why are spare parts management meetings so important? Without meetings and the