Subject Area: Spare Parts Metrics Everyone reading this will have no doubt heard the expression, “what gets measured, gets managed” – or something similar. The original quote is usually attributed to Peter Drucker’s 1954 book ‘The Practice of Management’. Perhaps more interesting is the somewhat lesser-known full quote:
Optimization Software Problem Definition Template
Subject Area: Optimization Software Problem Definition Template This is our optimization software problem definition template. A problem definition should look something like this four point template: Our spare parts inventory routinely fails to deliver on our goals of minimal stock with target availability because… (insert issues of concern) This is
Step 3: Be Clear About Your Optimization Software Selection Goal
Subject Area: Optimization Software Selection Goals Before taking your software selection process any further you must be clear about your optimization software selection goals. Failure to frame the goals and issues from the stakeholder perspective and from that develop the problem definition will derail any attempt to gain support for
Step 2: Engage with End Users
Subject Area: Optimization Software Selection Team The best software in the world is of no use, if the results are over-ridden. Therefore, before getting too far into a selection process you need to identify an optimization software selection team that includes a representative of each of the stakeholder groups: maintenance,
Optimization Software Must Be Trusted by the Whole Team
Subject Area: Optimization Software Must Be Trusted What if you spend a lot of time and money selecting optimization software only to find that the results are not trusted by the end users? This could be a disaster for your company. How will the end users react? Typically, they will
Optimization Software Selection is Not Trivial
Subject Area: Optimization Software Selection What is the impact of selecting the wrong optimization software? Not so wrong that it doesn’t work, but sufficiently wrong that the software doesn’t provide the best results possible? How much would it cost your company if the results are ‘good enough’ but not as
Transforming Spare Parts Operations Requires C Level Engagement
Subject Area: Transforming Spare Parts Operations Concerned about the amount of money tied up in your spare parts inventory? Worried that your current approach to transforming spare parts operations doesn’t generate the results you want? Failure to understand the ‘rules’ around spare parts inventory leads to waste in spare parts
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
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
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