Here is the bottom line. You want to take control of spare parts inventory so that you can be confident that you have the parts that you need, when you need them, without excess expenditure. Right? Great. Well the good news is that achieving that goal is simple. The bad
The 9 Symptoms of Poor Spare Parts Inventory Health (and How To Avoid Them)
Understanding spare parts inventory health is both simple and complex. Simple because the actions required to establish an effective spare parts management system are well documented (just read one of my books!). Complex because there are many ‘moving parts’ (pardon the pun) and that means many things can
Five Key Financial Principles for Spare Parts Management
No review or study of spare parts inventory can be undertaken (or even commence) without having at least a basic understanding of the financial principles for spare parts management. At first, this statement may appear to be redundant; after all, don’t people understand that spare parts cost money? Of course
Should You Mix Project and Warehouse Inventory?
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 rotable 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