There is one question you need to ask with spare parts inventory management and unfortunately most companies don’t ask this question.
This video explains what this question is and why it is important
The One Question You Need Ask with Spare Parts Inventory Management
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.
When it comes to managing spare parts inventory that’s going to be used for the repair and maintenance of your own equipment, at your own in-house plant and operational equipment, there’s one question that you need to ask and unfortunately most companies don’t ask this question.
You see when they’re determining their stock holdings, they jump straight to the idea that things must be held in stock.
So the one question that you need to ask is: Should this item be stocked?
You see not everything has to be held in your inventory.
In fact, there are a whole range of reasons why you’ll choose not to hold something in your inventory and that’s too much information to put into a short video like this.
So what you really need to do is, the very first question you ask when someone says, ‘Hey here’s an item we need to put into our inventory’ is: Should this item be stocked?
And then examine what your alternatives are to stocking that item and whether you really need to spend the money right now in putting that item on a shelf.
That’s just something to think about. My name is Phillip Slater.
Click here for information on our Practitioner Playbook.
Posted by: Phillip Slater