If there’s one absolute certainty about all items in your spare parts inventory, it’s this: that at some point in time, every item in your inventory will become obsolete.
In this short video, Phillip Slater explains why this is.
Obsolete Spare Parts Inventory is an Absolute Certainty
Video Transcript
Hi, my name is Phillip Slater and for the next couple of minutes I’d just like to give you something to think about.
If there’s one absolute certainty about all items in your spare parts inventory, it’s this: that at some point in time, every item in your inventory will become obsolete.
Now the reason for that obsolescence will vary. Sometimes it will be replaced by the vendor so the part that you’ve currently got in stock will no longer be available. Sometimes you’ll change your own plant and equipment. So therefore, you’ll no longer need that part.
So sometimes it’s owner-led and sometimes it’s vendor-led.
But that doesn’t really matter, what does matter is that, at some point your parts will become obsolete.
Now if we know that for certain, why is it that so many companies don’t spend the time and energy to work out how they are going to manage both the impending obsolescence of parts and then the actual obsolescence and disposal?
It’s almost like it comes as a surprise.”Oh hang on, all of these parts are obsolete”.
Well if you’re paying attention, you’d know what’s coming and you’d have a way to deal with it.
So, let’s deal with the certainties that we have around spare parts inventory management and make sure you have in place a process for identifying and managing obsolete inventory.
That’s just something to think about. My name is Phillip Slater.
Our Obsolescence Risk Calculator can provide guidance on where risks might exist and where further investigation or planning may be needed.
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Posted by: Phillip Slater