The Difference Between Tasks and Management One of the major problems with managing spare parts inventory is that many people consider it to be a ‘task oriented’ function. That is, they assume that spare parts inventory management only requires the completion of a series of routine tasks, and just so long as these are done, […]
Understanding the Spare Parts Inventory Management Life Cycle
The spare parts inventory management life cycle is complex. It is also long. Does success require the input of an ‘invisible hand’? The Invisible Hand of Spare Parts Inventory Management In December 1958, a writer named Leonard Read published an essay titled, ‘I, Pencil: My Family Tree as Told to Leonard E Read‘. This […]
Two Minute Tutorial: The Real Value From Reviewing Your Spare Parts Inventory
When companies create their spare parts inventory they use downtime reduction as a justification but when they review their inventory they don’t. They only include the cost of the inventory. In this Two-Minute Tutorial Philip Slater challenges this logic.
Two Reasons That Improved Maintenance Won’t Solve Your MRO Spare Parts Problems
(And What You Can Do About It) The Best Way to Reduce MRO Spare Parts Holdings? Is it true that MRO spare parts held as inventory for maintenance use are primarily captive to the sophistication and execution of the maintenance system that they support? Is maintenance and reliability execution really the driving force behind […]
3 Ways That The Wrong Spare Parts Management Plan Can Really Cost You
Ready, Fire, Aim is Not a Spare Parts Management Plan There is a school of thought in business and operations management that action is all that really matters. Some express this as ‘ready, fire, aim’. Essentially this view says that it doesn’t matter about the plan, just start taking action and the plan will work […]
The #1 Problem with Spare Parts Inventory Management
Engineering spare parts inventory management is a big topic and managing a spare parts inventory involves engaging with lots of participants from different parts of the business. This means that there is plenty of opportunity for things to go wrong. And that may be one of the complications that makes this task more difficult than […]
3 Questions to Ask About Spare Parts Standardization
Whether or not to standardize equipment and spare parts is one of the enduring debates of engineering, maintenance and spare parts management. On the one hand, standardization is said to lead to improved operating and manpower efficiency, as well as reduced inventories; on the other hand, not standardizing is said to enable companies to take […]
Why (Most) Inventory Goal Setting Fails
Subject Area: Inventory Goal Setting The Problem with Inventory Goal Setting As I write this it is early January and my inbox is awash with advice on goal setting. There are articles, podcasts and webinars all aiming to tell me how to set attainable goals for the year. Unfortunately, most of this advice misses […]
The Spare Parts Data That You MUST Check
There Are Many Types of Spare Parts Data In the world of spare parts inventory management there is plenty written and said about spare parts data. The spare parts data that is your parts usage history. The spare parts data that is your parts description. The spare parts data that aids procurement. But […]
Forecasting Spare Parts Requirements
Essentially all inventory stocking decisions can be resolved as a forecasting problem. This is because the essence of inventory management is determining the most appropriate level of inventory to hold, to service the expected future demand for that inventory, based on the expected supply constraints. Thus all inventory management requires […]