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Consequently, the need for replacement parts is an unavoidable issue all manufacturing and managers need to consider when calculate their operational budgets. This aspect can prove to be a significant source of resource waste when improperly managed.
Factors Affecting Spare Parts Inventories
When considering the types of spare parts to include in critical item inventory, plant managers must consider the following factors:
Inventory Control - An effective critical spare strategy is one that captures the most critical items only. Keeping an exhaustive inventory of spare items is an impractical and unnecessarily costly approach to critical part management. To prevent the accumulation of redundant or obsolete components, inventory managers must regularly reassess the items in their stores and adjust their procurement plans accordingly.
Operating Strategy - Many spare parts managers reactively structure their purchasing strategy ordering the necessary items when equipment failures occur. This is strategy might backfire causing costly downtimes if any difficulties are encountered in purchasing critical spares.
Stockout Sources - A significant cause of concern for inventory managers is the ever-present possibility of a stockout. Rapidly identifying the reasons materials go out of stock will allow managers to mitigate the effects they have on production operations.
Our Solutions
Lead Time for Restocking
For operations where downtime is undesirable, understanding the lead time it takes to restock depleted spares is particularly important. To prevent lost production time from equipment failure, critical parts that take a long time to restock must be identified and acquired at an earlier date than others for critical parts lead time reduction and easily accessible components.
Benefits of Spare Parts Management
Having comprehensive spare parts management plans offers several benefits to the businesses that apply them. The key advantages of operating a spare parts business strategy include:
- Optimization of the spare parts purchasing process
- Reduction in costly equipment downtime
- Elimination of redundancies and obsolete components
- Cost-effective resource usage
There is no fixed model when it comes to creating an effective critical parts plan. Each part manager must take into consideration the unique nature of their operation. Some general considerations will include:
- Defining what constitutes a critical part
- Data collection, analysis, and integration
- Creation of stable restocking strategy