Sparesology ® is a term coined as a shortcut for the discipline of optimizing the physical, financial, process, and human resource management of spare parts. Sparesology is more than just inventory optimization Sparesology requires an understanding of the complete ecosystem within which spare parts are managed, and it seeks to
Spare Parts Inventory Management Acronyms and Abbreviations
Better Spare Parts Management Starts Here What happens when one person uses spare parts inventory management acronyms and abbreviations and another person either doesn’t know what is meant, or worse they think that it means something different? Wasted time and expensive mistakes. To help you through this minefield we have
Insurance Spares Definition
In this 2 Minute Tutorial Phillip Slater defines and discusses insurance spares, their main attributes and how they are different from other types of spare parts. Understanding these issues helps you in determining why you hold the spare parts that you hold. Phillip Slater is a Spare Parts Management Specialist
Obsolete Spare Parts Inventory
In this 2 Minute Tutorial Phillip Slater identifies three ways that companies create their obsolete spare parts inventory. By understanding these issues you can take the first steps to limiting and even eliminating obsolete spare parts inventory! Watch the video to find out how. Phillip Slater is a Spare Parts
Stock Keeping Unit (SKU) Definition and Explanation
Stock Keeping Unit (SKU) Definition Stock keeping unit (SKU) is a term that distinguishes a single inventory item from all the other items in that inventory. In other words, it is a way to refer to individual inventory items. For example, an inventory may consist of 2,000 different types of items –
Insurance Spares: A Definition and Explanation
Insurance Spares Definition An insurance spare is a spare part that you hold in your spare parts inventory, that you would not expect to use in the normal life of the plant and equipment but if not available when needed it would result in significant losses. This definition as several
Inventory Accuracy: Extract from Webcast
The following video is an extract from a recent webcast on inventory accuracy and Why it Matters. Here Phillip Slater discusses two different definitions of inventory accuracy. Understanding that, from an inventory management perspective, we need to be concerned with accuracy at an individual item level tells us that to
Inventory Accuracy Definition
The idea of providing an inventory accuracy definition may seem a bit redundant – after all the word accuracy is understood and who doesn’t want an accurate inventory? The purpose of providing this inventory accuracy definition, therefore, is to provide a useful inventory accuracy definition so that the actions required to maintain
Stock Turns Definition
Stock turns is an inventory metric that measures the rate at which the inventory is used. The most typical way to calculate the stock turns is to divide the dollar value of stock issued in a year by the dollar value of stock held at the time of measurement. For
Definition of Just In Time (JIT)
Glossary: Definition of Just In Time (JIT) Just In Time (JIT) is perhaps the most often quoted, and yet misunderstood, term in management. JIT, developed as one pillar in the Toyota Production System (the other being autonomation), is a production management method that aims to eliminate waste and improve product
