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The Inventory Cash Release® Process – A Step By Step Guide
First – Download the Flowchart To help you follow this explanation of the basic framework I have set up a flow chart for you to download. You can do that here: ICRFlowChart. The following descriptions refer to that chart. The Inventory Cash Release® Process Start at the position marked […]
Stock Keeping Unit (SKU) Definition and Explanation
Understanding the definitions used in spare parts inventory management is vitally important. For without a common understanding of terms it is difficult to communicate effectively. Imagine what happens when someone uses a term such as SKU in a conversation or email and the person listening or reading doesn’t understand that term. It is rare for […]
Are 99% of Spare Parts Inventory Statistics Pointless?
We have all been there – engaged someone to do a survey of the organization on some topic or other or perhaps complete some other type of analysis (and I am not just thinking here about spare parts inventory analysis). We then look forward to the meeting where they present their ‘findings’ and generate the […]
Has the Internet Delivered Improved Spare Parts Inventory Management?
There is no doubt that the advent of the internet has delivered incredible productivity and efficiency improvements for businesses worldwide. Improved communications, fast data transfers, and reduced travel through the use of video conferencing are just a few of the benefits that have been widely realized. In addition we have access to information like never […]
The Inventory Cash Release® Process
[grwebform url=”https://app.getresponse.com/view_webform_v2.js?u=uY&webforms_id=14719202″ css=”on” center=”off” center_margin=”200″/] Over the years this blog has explored many aspects of spare parts inventory management and usually there is a little feedback on each article. But when I recently mentioned in one article the 7 Actions for Inventory Reduction the response was unprecedented. Apparently many readers hadn’t heard of this approach […]
Spare Parts Inventory Management Identifying What Works
Subject Area: Spare Parts Inventory Management Identifying What Works I am a lover of Italian food – especially pasta. What I particularly like about pasta is the almost endless variety of forms that the pasta can take. Essentially you can use the same base ingredients to create many different types of dishes. That’s the beauty […]
Three Problems with Big Data and Spare Parts Inventory Management
Big data is the buzz term of the moment – including big data and spare parts inventory management. For the un-initiated ‘big data’ refers to the collection of huge amounts of data, held in large and complex databases. The buzz around big data is that it is said to enable companies to gain new and […]
Insurance Spare Definition and Explanation
It is important to specifically categorize insurance spares in your inventory. If you don’t categorize insurance spares you may find that you stock a lot of value in this type of spare part but cannot segment those spare parts and therefore subject them to appropriate scrutiny. With appropriate scrutiny you can ensure that you only […]
Ask Phill: Implementing Vendor Managed Inventory
The following question was asked by a supplier of MRO and spare parts (as you will see), however, I though that the response might be instructive for everyone that manages inventory so have included it here. Q: I work for an MRO distribution company and would like to inquire about getting materials or information on […]