Topic Area: Inventory Optimization Software One of the major issues that people face with spare parts inventory management is the need to optimize the inventory. It is because, with this type of inventory, there are just so many different parts, so many different SKUs that you need to review and
Spare Parts Inventory Optimization Software: Selection Guide
Subject Area: Spare Parts Inventory Optimization Software So, you’ve decided that you’ve had enough of the excess inventory, too many stock outs, and poor inventory service levels and want to purchase inventory optimization software to help optimize your holding levels. Great! No doubt by now you have done an online
Spare Parts Inventory Webinar: 7 Things Every Senior Manager Must Know
For most asset-intensive companies, spare parts are not much thought about at all when in ample supply but become the number one focus for survival when not available. Unfortunately, many companies still view spare parts management as a low-level operational task. As a result, these companies: Waste millions of dollars
A Specific Multi-National Company (MNC) Problem
Most of my career has been spent working with multi-national companies (MNCs). Sometimes these companies have operations in just a couple of countries. Sometimes they have hundreds of locations around the world. One thing they usually have in common is a disjointed approach to spare parts inventory management. They lack
How to Select the Right Vendor for the Services That You Need
Recently I presented a webinar that addressed the pros and cons of outsourcing the procurement of MRO. What we didn’t address was the issue of selecting the right provider. This issue doesn’t just impact procurement outsourcing but ANY provider of services. Here are links to two articles that address how
Webinar: Procurement Outsourcing of Indirect Materials
Do you know the characteristics that differentiate direct and indirect procurement? Direct procurement is characterized by high volumes, regular purchases, and a small number of suppliers. Indirect procurement, and MRO in particular, is characterized by low volumes, irregular purchases, a large number of different items, and a large number of
The Hidden Costs of Used Industrial Equipment
At its core, the process of asset recovery is exactly what sounds like: A viable way for businesses to recover capital from either surplus or unused industrial assets, like spare parts and unused plant and equipment. What is not often fully appreciated is that one of the hidden costs of
Leveraging Consignment Inventory Options
Subject Area: Consignment Inventory Many years ago I developed an approach to inventory optimization that I called The Inventory Cash Release Process (ICR). At the heart of that technique is the 7 Actions for Inventory Reduction. These ‘7 Actions’ were developed by challenging the constraints that are inherent in
Monte Carlo Simulation: Inventory Optimization, Spreadsheets, and Black Box Solutions
Subject Area: Monte Carlo Simulation An interview on monte carlo simulation and inventory optimization with Michael Worden, CEO of Right Sized Inventory Software and techniques for inventory optimization have evolved over many years. While this sounds like good news, the real issue is that the approach used in software is
Transparent Collaboration: The Future of MRO Procurement
An Interview on MRO Procurement with Mr. Detlef Daues, Founder of the V-LINE Group For the past few decades, the role of procurement has continuously evolved. Someone who has been at the forefront of these changes is Detlef Daues, Founder of the V-LINE Group. I met with Mr Daues at