The Problem with a Goal-Focused Approach Most organizations set goals like: Reduce inventory costs by 10% Achieve 98% fill rate Minimize stockouts to fewer than 3 per month These are all worthy objectives. But problems arise when the focus remains on the result without designing the systems needed to achieve and sustain it. A […]
Spare Parts Management Training: The Power of Curiosity and Commitment
Why Spare Parts Management Requires More Than Talent Spare parts management is a complex discipline. It involves balancing operational needs, forecasting demand, maintaining optimal stock levels, and ensuring that inventory aligns with maintenance schedules. Even those with natural organizational or analytical skills may struggle to navigate its challenges without the proper mindset. Talent might […]
Spare Parts Inventory Management: Small Wins and Compromises
The Danger of Small Compromises Compromises in spare parts inventory often begin innocuously. For instance, a manager might decide to skip a routine review of stock levels. A few weeks later, a vital component is out of stock, halting production and incurring costly downtime. Similarly, expediting the creation of stock items with little or […]
Spare Parts Inventory Management Training: Letting Go of Ego
The Ego Barrier in Learning Spare parts inventory management involves intricate concepts such as demand forecasting, stock optimization, and lifecycle management. It’s a domain that blends technical skills with strategic decision-making. However, even the most skilled professionals can hit a learning roadblock when their ego gets in the way. Ego manifests as the fear […]
Black Friday/Cyber Monday Sale – Buy One, Get One Free!
For the first time ever, SparePartsKnowHow.com is joining the global Black Friday/Cyber Monday excitement with an exclusive offer you won’t want to miss! From Friday, November 22, to Monday, December 2, enjoy a Buy One, Get One Free deal on: • The Advanced Spare Parts Training Course • The Pro Level Membership How It Works: […]
Spare Parts Inventory Management Workshops
Subject Area: Inventory Management Workshop Hosted by SIRF Roundtables Perth Date: Thu 20 June – Fri 21 June 2024 Brisbane Date: Thu 29 Aug – Fri 30 Aug 2024 Melbourne Date: Thu 24 Oct – Fri 25 Oct 2024 Feedback From Recent Workshops Excellent Presenter was very knowledgeable on the subject […]
‘Must Know’ Training Course Opening for New Registrations
Early bird access to our ‘Must Know’ spare parts management training short course opens for new registrations on 16 September 2024! This course is the fastest way to learn spare parts management – guaranteed. Our ‘Must Know’ training short course teaches the absolute ‘must know’ information, tools, and techniques required for effective spare […]
Best Practice Spare Parts Management
How do you determine exactly what constitutes best practice spare parts inventory management? One problem with ‘best practice’ is that while it may be possible to define a ‘best practice’ for almost everything that you do, implementing these practices may not actually make any difference to your overall results. Another problem is that discussions on […]
How to Make Better, More Transparent, Inventory Holding Decisions
The reality is that the classic inventory management theory does not provide realistic answers for determining the Reorder Point (ROP) and Reorder Quantity (ROQ) for spare parts inventory. To effectively manage spare parts inventory, it is important to understand why the classic inventory management theory doesn’t work. This will stop you from the temptation of […]
Why A Critical Machine Part is NOT the Same as a Critical Spare Part
Before deciding how many of an item should be stocked, the first question to ask is: should the item stocked at all? One of the issues with managing spare parts inventory, used for operations and maintenance support is that deciding what to stock can often be an emotional rather than a rational decision. This is […]