The management of spare parts inventory involves a lot of numbers. Stock ID numbers. Location numbers. Purchase order numbers. To name a few. The numbers that seem to get the most attention however are the dollar value numbers. How much is on hand and how much is used. These numbers
Adopting a Zero Inventory Mindset
Are you concerned with how much inventory you have in stock? Do you know what is meant by a ‘Zero Inventory Mindset? This article explains three questions to ask and how to apply the Zero Inventory mindset to your inventory. We Don’t Live in an Idealized World In an idealized
The Problem with Spare Parts Inventory Optimization
Do you know what the problem is with spare parts inventory optimization? Yes, spare parts inventory optimization is terrific. It helps companies adjust their stock holding levels, reduce their working capital and reduce their procurement costs. However, there is a problem – as Phillip Slater explains in this short video.
Inventory Optimization is Multi-Factorial
The issue with inventory optimization is that it is multifactorial. That means it relies on a whole range of different factors in order to be truly effective. If you focus solely on one single criterion, one of those factors, then you are likely to be missing out on big opportunities
Inventory Cash Release Process
The Inventory Cash Release Process simplifies the review of individual spare parts items and helps you make better decisions on stock holdings and quantities. How simple is this process? In this short video Phillip Slater explains. The Inventory Cash Release Process Video Transcript Hi, my name’s Phillip Slater and for
Inventory Prevention
In this 2 Minute Tutorial Phillip Slater explains the problems of inventory optimization and puts forward the idea of inventory prevention, that is, preventing the accrual of excess inventory in the first place. Run time: 2:28
The Unspoken Problem with Inventory Optimization
Inventory optimization is the most sought-after outcome from spare parts inventory projects. Nobody wants to spend more than they need to or have less stock than they need. That makes sense, after all inventory optimization means that you have the right balance of availability and expense. And that’s all great
Spare Parts Inventory Optimization: A Zero-Sum Game?
Why is it that when discussions turn to spare parts inventory optimization, maintenance and procurement are cast as natural enemies?
The Catch-22 of Spare Parts Inventory Optimization Logic
This kind of circular logic will be very expensive for this company… What stops companies from achieving all that they could with spare parts inventory optimization? Put another way, why do companies continue to waste money buying spare parts they don’t need when the course to prevent this is
Two Minute Tutorial: The Real Value From Reviewing Your Spare Parts Inventory
When companies create their spare parts inventory they use downtime reduction as a justification but when they review their inventory they don’t. They only include the cost of the inventory. In this Two-Minute Tutorial Philip Slater challenges this logic.