Tips for Effective Inventory & Spares Management to enhance asset availability

Spare parts management can either be a huge trouble or a blessing which helps support maintenance and keeps the plant running activities go on efficiently.

• How to do Regular review of spare parts: After some time a few spare parts become void and are no longer needed for critical operations. It is important to have a regular review and clean up, so as to get rid of the spare parts that are no longer of any use according to the new criteria.
• How to take Proper care of spare parts? Spare parts can always be used at some point during production. It is necessary to keep the spare parts in proper shape as there is nothing more frustrating than having spare parts but not being able to use them due to them being in a bad shape.
• Setting reorder levels: Set a time period between when the next stock arrives and when the existing stock runs out. Spare parts management is nothing but maintaining a balance between having the critical spare parts and also keeping the inventory as low as possible.
• What is utilization of stock counts: In times of discrepancies it is always best to count the stock the old-fashioned way to make sure that the count is matching that of the software and if every time the stock is updated and there are some issues, it is necessary to look into them as soon as possible.
• Adopting a continuous improvement approach: One of the key points in enhancing asset availability is knowing which spare part is critical. The best way to manage spare parts is by stocking up on those spare parts that will be used by you in the long run. There needs to be constant evaluation of which parts are needed the most and the purchase needs to be made accordingly.

Here at OptimizeMRO our experts will help you keep a track of the spare parts required and how to manage them without wasting anything and keeping the inventory as low as possible. While maintaining an inventory it is very important to keep track of even the tiniest of items no matter its importance. So here are a few tips that will help you manage your inventory with our help.

• Define all assets: It is necessary to define all the assets so as to have a clear picture of what is available and what items are used frequently and what not. OptimizeMRO will help you divide your inventory and make work easier.
• Cost effective management techniques: it is necessary to have proactive management as it is more cost effective. At OptimizeMRO we make sure to provide you with proactive management and make managing assets more cost effective and systematic.
• Good asset inventory management: When a company has a good inventory management it always gets easier to track the number of assets available, the usage of those assets and their value. The team at OptimizeMRO we will do our best to ensure the inventory matches the actual assets available.
• Decide to maximize ROI: Every industry needs proper asset management to maximize ROI. You need to ensure that your assets are managed perfectly so as to increase the return on investment.

OptimizeMRO is here to help you manage both inventory and spares management.