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 to better optimize your inventory. […]
Identifying Best Practices for Spare Parts Inventory Management
One problem with ‘best practices’ is that while it may be possible to define targets for almost everything that you do, implementing actions to achieve those targets may not actually make any difference to your overall results. Another problem is that discussions on practices are usually not objective – for many people what’s ‘best’ usually […]
The High Cost of Free Parts (Video)
Spare parts bought as part of a new capital equipment deal seem like free spare parts. But there are consequences from how we treat those parts. It’s just that sometimes they’re not so obvious to us. Phillip Slater explains. The High Cost of Free Parts Video Transcript The transcript of this video is available […]
Four Ways That Spare Parts Management Silos Prevent Performance
Your spare parts management silos have a big impact on your overall performance. For example, your maintenance and reliability team will know better than anyone the impact that a shortage of spare parts has on the business. No spare often equals no production and so there is sometimes an attitude of ‘the more the merrier’. […]
An Email for Your Boss
Do you need approval from your boss before you can sign up for the training and resources at SparePartsKnowHow.com? To help you win their support we have provided this template of an email for your boss. Just cut and paste this note below and then modify the content to your specific needs. SUBJECT LINE: [Insert […]
Mastering Spare Parts Management Meetings – Part 2
Mastering Spare Parts Management Meetings is a two-part video series developed from a presentation and interview with Joel Levitt. Introduction It is a fact of life that spare parts management meetings are required for both planning and decision-making. Why are spare parts management meetings so important? Without meetings and the communication and agreement they can […]
Mastering Spare Parts Management Meetings – Part 1
Mastering Spare Parts Management Meetings is a two-part video series developed from a presentation and interview with Joel Levitt. Introduction It is a fact of life that spare parts management meetings are required for both planning and decision-making. Why are meetings so important? Without meetings and the communication and agreement they can engender, no (big) […]
Forecasting Spare Parts Requirements (Video)
Forecasting spare parts can be hard, especially intermittent parts. Often the demand for parts is based on random failure. In this short video Phillip Slater explains what works – and what doesn’t! Forecasting Spare Parts Requirements Video Transcript The transcript of this video is available to members and subscribers only. For complimentary access to […]
Working Capital Isn’t Free (Video)
Companies spend money (working capital) on spare parts inventory that they don’t actually need. They end up holding them for a long time before deciding to remove those parts and incur the cost of the obsolescence. Perhaps a better idea would be to not buy those parts in the first place. In this short video […]
New Milestone at SparePartsKnowHow.com
250 editions of our newsletter! Our first newsletter, which was named Insight, was issued in February 2007 – the same year that the first iPhone was released! That first edition was sent to just 332 people. Since then, more than 10,000 people have subscribed! Over the years we have covered every issue to do with […]