Subject Area: Spare Parts Inventory Optimization Software So, you’ve decided that you’ve had enough of the excess inventory, too many stock outs, and poor inventory service levels and want to purchase inventory optimization software to help optimize your holding levels. Great! No doubt by now you have done an online search, asked your colleagues for […]
Spare Parts Inventory Webinar: 7 Things Every Senior Manager Must Know
For most asset-intensive companies, spare parts are not much thought about at all when in ample supply but become the number one focus for survival when not available. Unfortunately, many companies still view spare parts management as a low-level operational task. As a result, these companies: Waste millions of dollars on inventory that they don’t […]
Defining Best Practice Spare Parts Management
What is the best approach for defining best practice for spare parts management? We use a Stages of Excellence tool. This tool defines four levels of practice across 25 different aspects of spare parts management. Phillip Slater explains in this short video. For information on our Pro Level membership please visit […]
6 Common Mistakes Spare Parts Managers Make
Subject Area: 6 Common Mistakes Spare Parts Managers Make Spare parts managers are perfect, right? If only that were true. Over the years I have met and worked with literally thousands of people engaged in spare parts inventory management. Repeatedly I see the same mistakes made over and over again. Here are six of the […]
Spare Parts Management Best Practice Video
This spare parts management best practice video explains why most companies cannot achieve best practice in this area. In this short video Phillip Slater explains the constraints that limit the ability of companies in achieving their best practices goals. And then explains the four steps that companies must take to commence the journey to best […]
A Specific Multi-National Company (MNC) Problem: A Team Approach to Spare Parts Inventory Management
Subject Area: A Team Approach to Spare Parts Inventory Management 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 […]
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 […]
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 […]
Monte Carlo Simulation: Inventory Optimization, Spreadsheets, and Black Box Solutions
Subject Area: Monte Carlo Simulation 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. […]
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 […]