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
Free Acronym Explainer 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? Expensive mistakes and wasted time. Not to mention the potential embarrassment! To help you navigate this
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
Three Reasons Why You Have Obsolete Spare Parts Inventory
In this 2 Minute Tutorial Phillip Slater identifies the three reasons that companies have obsolete spare parts inventory. By understanding these issues you can take the first steps to limiting and even eliminating obsolete spare parts inventory! Run time: 2:38
Stock Keeping Unit (SKU) Definition and Explanation
Stock Keeping Unit (SKU) Definition Stock Keeping Unit (SKU) is an inventory management term that identifies and 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
Insurance Spare: A Definition and Explanation
Insurance Spare Definition It is important to specifically categorize insurance spares in your inventory. If you don’t categorize insurance spares you may find that you stock a lot of value in this type of spare part but cannot segment those spare parts and therefore subject them to appropriate scrutiny. With
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 Turn Definition
Stock turn is one of, if not the, most important metrics that you can use to measure the effectiveness of your spare parts inventory management. However, like all metrics you do need to calculate it and use it in the right way. One of the most common issues with stock
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