This post is set up as a portal to the series of items relating to the Inventory Cash Release Process. This process is specifically designed to assist companies managing spare parts with inventory optimization and reduction. The Inventory Cash Release (ICR®) Process, is a structured step-by-step inventory optimization technique that
Spare Parts Inventory Goals: One Tip to Achieve Them
When going through their budgeting process it is common for companies to set new spare parts inventory goals for the year or to at least review their existing goals. However, when they do this many companies are setting themselves up for failure. Let me explain that. Spare
Spare Parts Inventory Reduction: Russell Thompson Tells How SparePartsKnowHow.com Helped Him Achieve a 50% Inventory Reduction
In October 2011 Russell Thompson, Corporate MRO/Purchasing Manager at Idahoan Foods in the USA joined SparePartsKnowHow.com as a Member. In the time since then Mr. Thompson has used the resources at SparePartsKnowHow.com to achieve a 50% spare parts inventory reduction. In this extract from a recent interview he tells
Inventory Reduction Action #1: Have Someone Else Hold and/or Pay For Inventory
The best way to reduce the investment in inventory is to eliminate the investment altogether. This inventory reduction action can be achieved without risk and with full access to the inventory by having someone else hold and/or pay for the inventory. This approach, sometimes known as consignment stocking, transfers both
Identifying Best Practice Inventory Management
So you want to go down the route of achieving best practice inventory management for spare parts. Or maybe you want to at least understand what consitutes best practice inventory management so that you can implement improvements that take you in that direction. One problem of course is actually identifying
The Inventory Cash Release® Process – A Step By Step Guide
First – Download the Flowchart — The content below this line is only visible to logged-in members — To help you follow this explanation of the basic framework I have set up a flow chart for you to download. You can do that here: ICRFlowChart. The following
Stock Keeping Unit (SKU) Definition and Explanation
Understanding the definitions used in spare parts inventory management is vitally important. For without a common understanding of terms it is difficult to communicate effectively. Imagine what happens when someone uses a term such as SKU in a conversation or email and the person listening or reading doesn’t understand that
Are 99% of Spare Parts Inventory Statistics Pointless?
We have all been there – engaged someone to do a survey of the organization on some topic or other or perhaps complete some other type of analysis (and I am not just thinking here about spare parts inventory analysis). We then look forward to the meeting where they present
Has the Internet Delivered Improved Spare Parts Inventory Management?
There is no doubt that the advent of the internet has delivered incredible productivity and efficiency improvements for businesses worldwide. Improved communications, fast data transfers, and reduced travel through the use of video conferencing are just a few of the benefits that have been widely realized. In addition we have
The Inventory Cash Release® Process
[grwebform url=”https://app.getresponse.com/view_webform_v2.js?u=uY&webforms_id=14719202″ css=”on” center=”off” center_margin=”200″/] Over the years this blog has explored many aspects of spare parts inventory management and usually there is a little feedback on each article. But when I recently mentioned in one article the 7 Actions for Inventory Reduction the response was unprecedented. Apparently many readers hadn’t heard of this approach