Why do you need a spare parts stocking strategy?
Take a look at your data, talk to your maintenance, reliability, warehouse, engineering, procurement teams and ask the what challenges they face during their work, and identify of those challenges how many pertain to a ‘spare part’. You will notice over 80% of their challenges would revolve around a ‘spare part’. So, if you see any of the following challenges, then there is good reason to get a spare parts stocking strategy in place.
By analysis of the process documents prior to a spare parts stocking strategy, and by one-on-one conversations with the professionals across functions – purchase, maintenance, warehouse, reliability – the above-mentioned challenges were apparent in our two decades of experience.
Now that you have identified, ‘why you need a spare parts stocking strategy’, you then need to know ‘how to get a spare parts stocking strategy in place’. This decision is based on a few factors:
Getting all this information is the key to putting together a spare parts stocking strategy, and some of the process involved are:
This process could be same for both large and small manufacturing plants, with multiple locations across the globe.
Are you facing these aforesaid issues in your spare parts inventory? Talk to one of Inventory Optimization specialists today!