Phillip Slater’s Post

Learn how to identify and manage critical spares, set ROP and ROQ, and optimize your inventory at our upcoming workshops. Gain valuable insights into spare parts management best practices with an industry expert. #CriticalSpares #InventoryOptimization #SIRF #SparePartsKnowHow https://lnkd.in/g_RNMERA

Learn how to identify and manage critical spares, set ROP and ROQ, and optimize your inventory at our upcoming workshops. Gain valuable insights into spare parts management best practices with an industry expert. #CriticalSpares #InventoryOptimization #SIRF #SparePartsKnowHow https://lnkd.in/g_RNMERA

Learn how to identify and manage critical spares, set ROP and ROQ, and optimize your inventory at our upcoming workshops. Gain valuable insights into spare parts management best practices with an industry expert. #CriticalSpares #InventoryOptimization #SIRF #SparePartsKnowHow https://lnkd.in/gPQHWr3g

Equip yourself with the tools needed for effective spare parts inventory management at our workshop covering metrics, reporting, and managing obsolescence. Stay ahead in the field with practical insights. #InventoryMetrics #SparePartsManagement #SIRF #SparePartsKnowHow https://lnkd.in/g_RNMERA

Equip yourself with the tools needed for effective spare parts inventory management at our workshop covering metrics, reporting, and managing obsolescence. Stay ahead in the field with practical insights. #InventoryMetrics #SparePartsManagement #SIRF #SparePartsKnowHow https://lnkd.in/gPQHWr3g

Equip yourself with the tools needed for effective spare parts inventory management at our workshop covering metrics, reporting, and managing obsolescence. Stay ahead in the field with practical insights. #InventoryMetrics #SparePartsManagement #SIRF #SparePartsKnowHow https://lnkd.in/gPQHWr3g

Equip yourself with the tools needed for effective spare parts inventory management at our workshop covering metrics, reporting, and managing obsolescence. Stay ahead in the field with practical insights. #InventoryMetrics #SparePartsManagement #SIRF #SparePartsKnowHow https://lnkd.in/g_RNMERA

Optimizing Inventory Management : The Role of VED Analysis in Spare Parts. Inventories represent a substantial portion of a company's current assets. Efficient inventory management is crucial to prevent unnecessary investment. Forecasting the demand for spare parts is often difficult when relying only on historical data. Spare part management is a difficult and complex task because parts can be expensive, demand is unpredictable, and high cost is associated with shortages. Various factors influencing criticality of spares parts include probability of item failure, replenishment time, number of potential suppliers, availability of technical specification, equipment criticality and maintenance type. Spare parts are categorized into three classes based on their criticality: vital, essential, and desirable (VED Analyses) Vital (V): Items in the vital category are crucial for the uninterrupted flow of production. Their absence would either bring production to a halt or significantly impact operations. In process industries, vital spare parts often relevant to bottleneck machines or processes. Essential (E): Spare parts fall into the essential category if their non-availability results in moderate losses. While important, their absence does not cause a complete halt in production. Desirable (D): Spare parts are classified as desirable when the non-availability of these items causes relatively insignificant production losses. Many spare parts typically fall into this category. The VED analysis helps in directing management's focus toward vital items, ensuring their continuous availability through regular reviews and reporting. Hence, downtime losses can be significantly minimized. #equipmentmaintenance #BOM #maintenanceexcellence #maintenanceplanner #inventoryoptimization #materialmanagement #warehouse #spareparts

🌟 New Guide Alert! 🌟 Unlock comprehensive strategies for effective maintenance and reliability materials, parts, and inventory management with our latest guide! In this guide, we break down: 🔍 Best practices for inventory categorization and tracking 📊 Techniques like EOQ, ABC analysis, and JIT inventory management 🏗️ Tips for optimizing storeroom layout and environmental control Learn how to maintain optimal stock levels, manage obsolete inventory, and leverage technology for accuracy. Ready to minimize downtime and reduce costs? 📥 Download now to unlock your all-access pass and transform your inventory management! ➡️ https://lnkd.in/g6UGXK2Q #MaintenanceManagement #InventoryControl #OperationalEfficiency #UpKeep

Reducing SLOB (Slow Moving & Obsolete Inventory) on Spare Parts: A Planner’s Perspective As maintenance planners, one of our key responsibilities is ensuring the right balance between inventory availability and efficiency. Reducing Slow Moving & Obsolete Inventory (SLOB) not only minimizes waste but also ensures the spare parts supply chain remains cost-effective. Here are a few strategies planners can adopt to tackle SLOB: 1. Data-Driven Forecasting: Leverage historical data to better predict demand, avoiding overstocking of infrequently used items. 2. Collaboration with Operations: Regular alignment with operations and maintenance teams to understand changing equipment needs can prevent the accumulation of unused parts. 3. ABC Analysis: Classify inventory based on value and usage rate (A: High usage, B: Moderate usage, C: Low usage) to prioritize stock management. 4. Regular Reviews: Schedule periodic inventory reviews to identify underutilized parts and make decisions on disposal or redeployment. 5. Supplier Collaboration: Work with suppliers on return policies for unused parts and develop agreements for Just-In-Time (JIT) deliveries to reduce on-hand stock. By embracing these approaches, planners can significantly reduce SLOB, optimize inventory levels, and support efficient maintenance operations. Let’s work towards smarter inventory management! #MaintenancePlanning #InventoryManagement #SupplyChainOptimization #AssetManagement #SpareParts