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 visibility across their locations and […]
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 to select the right vendor […]
Inventory Optimization Software Solution – Interview
Topic area: Inventory Optimization Software Listen in as Sarah Barnes-Humphrey, Founder and Host of Lets Talk Supply Chain interviews Chris Dietrich of Right Sized Inventory. Right Sized Inventory (RSI) produces inventory optimization software that is powered by their patented inventory optimization technology. This to help companies optimize their spare parts inventory in minutes. Their inventory […]
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 suppliers. These key differences mean […]
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 retaining used industrial equipment is […]
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 most thinking related to inventory optimization. […]
Monte Carlo Simulation: Inventory Optimization, Spreadsheets, and Black Box Solutions
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 not always clear or transparent. One company that is on […]
NRI Industrial Joins the Spare Parts Alliance
Today I have some news that is both exciting and timely. NRI Industrial has joined our Spare Parts Alliance. This is exciting because NRI Industrial specializes in the management, marketing and sales of surplus industrial assets. This includes spare parts. What they specifically provide is solutions to recover value from overstock, surplus […]
Increase Supply Chain Reliability by 16%
How can process improvement increase supply chain reliability by 16% – even in the time of COVID-19? This video from our alliance partner, V-LINE EUROPE GmbH, covers COVID-19 supply chain disruptions in both Europe and the USA – including mode of transport and freight issues. It then explains how a combination of a change in […]
Spare Parts: Do You Want a Better Number?
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 form the basis for most […]