EFFECTIVE SPARE PARTS MANAGEMENT REDUCING COST THROUGH OPTIMIZED SPARES INVENTORY
By LIVE ONLINE PROGRAM
3 & 4 August 2022 (Every session 9am-5pm)
Wed & Thurs
Effective Spare parts management is a critical key functions in physical asset management. The availability of spare parts for maintenance and repairs is crucial for the uptime and effectiveness of assets, but high spare parts availability comes at a cost. The challenge is to effectively balance spare parts availability, working capital and operational costs. Spare parts inventories can soon add up to tens of thousands of various items in a value of hundreds of millions RM. It is obvious that efficient spare parts inventory management can bring significant economies in operational costs.
Besides that, spare parts inventories can soon add up to tens of thousands of various items in a value of hundreds of millions RM. It is obvious that efficient spare parts inventory management can bring significant economies in operational costs.
- Why we waste money purchasing the wrong spares
- Our inventory costs are extremely high, and we have no way of understanding how to rationalize them
- We have no visibility on what we hold vs what we need to stock
- We do not have the time or resources available to build accurate BoMs
- Outdated spares are being held for equipment that has been modified, upgraded, or disposed of
- We waste time and money sourcing the correct parts due to free text requests being made in the CMMS
- We can’t source the spares we need due to obsolescence
- We have no visibility on the make, model and manufacturer information
- Spare parts are not being preserved correctly, inducing premature failure post installation
- We lose sight of the location of spares
Module 1: Introduction to Spare Parts Management
- What is SPM?
- Why manage spare parts
- What is a spare parts?
- When a spare part is required
- Understanding the description including the size and type
- Holding Type Costs
- Staffing costs and staffing level
For more information, please leave your enquiry!