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Last updated on 2024年7月27日

You're drowning in surplus spare parts inventory costs. How can you prevent unnecessary expenses?

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Managing surplus spare parts inventory is a common headache in plant engineering. You know the struggle all too well: shelves brimming with spares that seemed essential at the time of purchase but now contribute to a bloated budget line. It's a delicate balance between having necessary parts on hand for maintenance and operations and avoiding the financial drain of excess stock. The key to preventing unnecessary expenses lies in strategic inventory management, which ensures that you have the right parts in the right quantity at the right time. By optimizing your spare parts inventory, you can reduce carrying costs and free up capital for other critical investments in your facility.

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1 Audit Regularly

Regular audits of your spare parts inventory can be a game-changer. By systematically reviewing what you have on hand, you can identify obsolete or overstocked items. This process allows you to adjust purchasing patterns and prevent the accumulation of unnecessary parts. It's essential to establish a routine for these audits, whether quarterly or bi-annually, to maintain an accurate and lean inventory. Remember, an effective audit isn't just counting parts; it's about understanding usage rates and forecasting future needs based on production demands and equipment lifecycle.

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Mayur Ladwa

Operations Manager - Production & Quality Department | Bachelor of Engineering
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Need to add one more terminology called Sales Forecast to complete this Inventory Audit process with getting sales data of that particulars, so we can also see sales patterns and match it with our inventory part buying pattern by considering the all effective parameters relevant to the Inventory Auditing, Management & Sales Forcast by collaboration with sales and marketing or lead generation team using Cross functional Departmental collaboration. As a result, we will see in the 2nd or 3rd audit we will have our numbers which we need to follow to maintain inventory and not have excessive stock of inventory of the particulars.

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2 Streamline Ordering

Streamlining your ordering process can drastically cut surplus inventory costs. Consider implementing a just-in-time (JIT) inventory system, which aligns part orders closely with maintenance schedules and production needs. This approach minimizes the number of spare parts kept in stock by ordering them as needed. You'll need a reliable supplier network and an accurate forecasting system to make JIT work effectively. Additionally, consolidating orders to reduce shipping costs and negotiating better terms with suppliers can further optimize your ordering process.

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3 Embrace Technology

Technology is your ally in managing spare parts inventory. Embrace inventory management software that offers real-time tracking and predictive analytics. These tools can help you forecast demand more accurately, prevent overstocking, and automate reordering processes. With the right technology, you can maintain a lean inventory that responds dynamically to your plant's operational needs, ultimately saving you money on excess parts that tie up capital and storage space.

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4 Optimize Storage

Optimizing your storage practices can lead to significant savings. Efficiently organized storage helps in quickly locating parts when needed, reducing downtime during critical maintenance. Implement storage solutions that maximize space and preserve the condition of spare parts. Proper labeling, categorization, and environmental controls are vital in preventing damage and loss, ensuring that your inventory remains in optimal condition for when it's needed.

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Mayur Ladwa

Operations Manager - Production & Quality Department | Bachelor of Engineering
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Also take control using intra-logistics software tools to make it more effective and controllable, easy to monitor and track them.

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5 Train Staff

Training your staff on inventory management best practices is crucial. They should understand the cost implications of overstocking and be equipped to use inventory management systems effectively. Encourage a culture of continuous improvement where employees suggest ways to optimize inventory levels based on their day-to-day experiences. This not only enhances operational efficiency but also fosters a team that is actively involved in cost-saving initiatives.

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Mayur Ladwa

Operations Manager - Production & Quality Department | Bachelor of Engineering
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To have a cost saving initiative and optimization in inventory management by training Inventory employees also train them with Intra-logistics software which can definitely help them to control inventory and make more effective inventory management by taking more control on it and finding optimization opportunities, and in current industrial growth there are good companies who can give us solutions based on Intra-logistics with material handling and it is also capable of managing and observing inventory space, helpful to inventory teams with the Intra-logistics AGVs.

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6 Review Policies

Lastly, reviewing and updating your inventory management policies can prevent surplus inventory costs. Ensure that your policies reflect current market conditions, technological advancements, and your plant's operational needs. Policies should guide purchasing decisions, outline procedures for stock reviews, and dictate how to handle obsolete or excess parts, whether through resale, recycling, or disposal. A dynamic policy framework supports a responsive and cost-efficient inventory management system.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Suroor Sait
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When your drowning with surplus spare parts, 1. Check your previous/history data to understand if this spare parts will be needed in the near future. 2. If in the scenario your response yes to the point 1, don't order more, and if the response in no, immediately contact your supplier and check if they need the same spare parts for their inventory, second run some promotion sell your spare parts as when your calculate the cost of storage and depreciation cost of keeping the stock will lead to bigger losses.

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Andrew White, P.Eng

Consultant Manufacturing Engineer | Architect of Optimization | Autodesk Developer
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For engineering "dead stock" from design changes, errors etc. You need to have the ability to quickly and accurately provide financial impact reports of changes and the current status of ordering. All of this information is available in a company's ERP system and can be easily queried. Knowing how far along ordering is can help the engineer decide if it's too late to make a change, and steer the decision when you know how much it's going to cost ahead of time.

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You're drowning in surplus spare parts inventory costs. How can you prevent unnecessary expenses?

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2

3

4

5

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1 Audit Regularly

2 Streamline Ordering

3 Embrace Technology

4 Optimize Storage

5 Train Staff

6 Review Policies

7 Here’s what else to consider

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