Subject Area: Optimization Software Selection Team The best software in the world is of no use, if the results are over-ridden. Therefore, before getting too far into a selection process you need to identify an optimization software selection team that includes a representative of each of the stakeholder groups: maintenance, reliability, engineering, procurement, storeroom management, […]
Step 1: Understand the Underlying Software Technology
Subject Area: Understand the Underlying Software Technology What do we mean by underlying software technology? This term refers to understanding the software system’s process and its applicability to spare parts inventory. The key question is: Is the software suitable for this type of inventory? This is different understanding the theoretical principles of inventory management or […]
The Right Optimization Software is One That is Actually Applied
Subject Area: Choosing the Right Optimization Software What do we mean by saying ‘the right optimization software’? This is the software that will be used and that will produce the best results for your situation. It is true that all optimization software will produce a number, but is your goal only to get a ‘better […]
Optimization Software Must Be Trusted by the Whole Team
Subject Area: Optimization Software Must Be Trusted What if you spend a lot of time and money selecting optimization software only to find that the results are not trusted by the end users? This could be a disaster for your company. How will the end users react? Typically, they will seek to over-ride the inventory […]
Optimization Software Selection is Not Trivial
Subject Area: Optimization Software Selection What is the impact of selecting the wrong optimization software? Not so wrong that it doesn’t work, but sufficiently wrong that the software doesn’t provide the best results possible? How much would it cost your company if the results are ‘good enough’ but not as good as they should be? […]
Transforming Spare Parts Operations Requires C Level Engagement
Subject Area: Transforming Spare Parts Operations Concerned about the amount of money tied up in your spare parts inventory? Worried that your current approach to transforming spare parts operations doesn’t generate the results you want? Failure to understand the ‘rules’ around spare parts inventory leads to waste in spare parts inventory costs that are avoidable. […]
Our Thoughts on True Optimization™
Why Inventory Optimization (Mostly) Isn’t Optimization Optimization (of anything) is a problem-solving process or methodology that aims to make something as functional and effective as possible*. Common examples of optimization include: in travel, deciding the fastest route to get somewhere (optimizing the use of available time); in manufacturing, deciding the most appropriate production run times […]
37% of Money Spent on Spare Parts Is Wasted
Subject Area: Money Spent on Spare Parts Are you concerned about the amount of money tied up in your spare parts inventory? Would you be surprised to learn that 37% of the money spent on spare parts is wasted? This is true. How do we know this? Years of experience in reviewing the spare parts […]
Spare Parts Management Decisions: Your Business Profit Relies on Them
Subject Area: Spare Parts Management Decisions Do you fully understand the connection between your business’ profit and your spare parts management decisions? How does a decision on spare parts holdings and management flow through to your corporate profit? The reality is that your business profit relies on the day-to-day spare parts management decisions made by […]
How to Select the Right Inventory Optimization Software
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 evaluate, the most effective way […]