As spare parts inventory management comes under increasing scrutiny at many companies they are often frustrated and maybe even surprised that their inventory levels continue to rise. Sometimes it appears that the reason for this is the unexpected inflow of items that are left over from maintenance shutdowns or projects.
5 (Little Thought of) Ways that Improved Spare Parts Management Benefits Maintenance
There is one great tension that comes from the different perspectives that people have on spare parts management benefits: people either focus on the potential working capital savings from reducing inventory or they focus on the perceived availability benefits of holding more inventory. However, by focussing on these important but
Why Deciding Whether or Not to Stock a Spare Part is Not Trivial
How do you decide whether or not to stock a spare part? Is the time and effort spent on this decision not only unnecessary but perhaps actually wasted? One of the most important, perhaps even THE most important, decision that will be made regarding any individual spare part is
8 Ways that the Management of Spare Parts Inventory is Unlike Other Inventory
Subject Area: Management of Spare Parts Inventory Do you manage spare parts inventory? Are you aware that spare parts inventory has specific characteristics that differentiate it from other inventory types? This article explains 8 ways in which the management of spare parts inventory is different to managing other types of
Managing Repairable Spares
Do you need to manage notable and repairable spares? Is balancing the reality of high downtime costs with the repair and replace costs resulting in sub-optimal outcomes? This article discusses the different types of rotable and repairable spares and identifies the three documents needed to make better repair/replace decisions.
Max-Min OR ROP-ROQ: Does it Really Matter?
This article covers: The definitions of Min, Max, ROP, and ROQ Why the differences are meaningful and important The pros and cons of using each Why you need to get this right Links to further reading There are essentially two ways that companies express their inventory control settings: either
Getting Your (Inventory) Cash Off the Shelf!
The problem is that people see spare parts inventory only as engineering components and so think that their inventory decisions are engineering decisions Imagine walking into a storeroom or warehouse and finding the shelves stacked high with cash. Ten thousand dollars on one shelf, two thousand on another. A storage
How to Make Spare Parts Forecasting Work
Spare parts forecasting accuracy is driven by the validity of the premise and the data that is used in the analysis, not the sophistication of the modeling Making predictions is hard, especially if they are about the future! This is a variant
3 Major Mistakes Most Companies Make With Critical Spare Parts Management
Nobody wants to be responsible for not having a critical spare part when it is needed. There are many issues that have the potential to keep spare parts managers awake at night but without doubt, critical spare parts management must be number 1.
7 Things That Every Senior Manager and CFO Should Know About Spare Parts Management – Part 7
The information and know-how required to effectively manage a company’s spare parts operations does not reside in just one function 7. Transforming Your Spare Parts Operations Requires C-Level Engagement, Not Just Support If you have read the preceding six parts to this series the reason why transformation requires C-level