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 […]
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 […]
Business Strategy and Spare Parts Management
Subject Area: Business and Spare Parts Management Strategy Concerned about the amount of money tied up in your spare parts inventory? Unsure about how your spare parts management fits into achieving your business strategy? The reality is that spare parts management is fundamental to achieving your business strategy. This is an important lesson that every […]
Excess Spare Parts Inventories: a Symptom or the Problem?
Subject Area: Excess Spare Parts Inventories Concerned about the excess spare parts inventories that your company has? Do you think that this is the problem that needs to be solved? The reality is that excess inventory is a symptom, not the problem. The ‘problem’ is something else in your spare parts management system, and this […]
Slow Moving Spare Parts Inventory: You Will Need to Hold Items That Will Not Move
Subject Area: Slow Moving Spare Parts Inventory Concerned about the number of slowing moving items in your spare parts inventory? Concerned that these are a sign of wasted money and poor inventory management? The reality is that with spare parts inventory you will need to hold items that will not move. This is a necessary […]
Inventory Management Training: Most of What You Learned Does Not Apply to Spare Parts
Subject Area: Inventory Management Training Have you, at some time, participated in inventory management training? Maybe at a conference, seminar, or a formal course? Have you noticed that applying inventory management training theory and techniques hasn’t helped you get the results you need with your spare parts inventory? This video explains that most of what […]
Spare Parts Inventory Costs are Avoidable
Subject Area: Spare Parts Inventory Costs Concerned about the amount of money tied up in your spare parts inventory? Worried that there is no other way to manage this inventory type? Failure to understand the ‘rules’ around spare parts inventory leads to waste in spare parts inventory costs that are avoidable. If you know how. […]
Spare Parts Inventory Characteristics
Subject Area: Spare Parts Inventory Characteristics Do you manage spare parts inventory? Are you aware that spare parts inventory has specific characteristics that differentiate it from other inventory types? This short video is an edited extract from a live webinar titled: What Every Senior Manager and CFO Must Know About Spare Parts Inventory […]