If you’re a business owner, you know that often times you need to increase operational efficiency when it comes to storing and managing spare parts. How best can you manage your spare parts inventory? What is spare part inventory management, and who needs to use a spare part management system? MATE PCS can help assess your business’s spare parts inventory management system and develop a system that works best for your business needs.
Defining Spare Parts Inventory Management
This is a method of keeping track of the spare parts that can be affixed to production machinery to create inventory during ordinary operations.
Who needs to use a spare parts inventory management system?
An efficient system should be used by anyone who has to maintain or repair production machinery. By keeping detailed data on available spare parts, the business will save money by using those instead of purchasing new parts, because they will already have it on hand.
Tips for an Efficient Management System
- Determine how you will label your critical components. In fact, you want to label all your components, but it is especially important with your critical ones. By developing a labeling system, you can then prioritize which components are critical and which are routine.
- Utilize sawtooth diagrams to balance inventory. This helps you keep track of how the inventory is used and replenished in real time.
- Routinely update your bill of materials, or BOM.
- Pay close attention to the optimal economic order quality to reduce inventory holding costs while still keeping parts on hand.
- Have a standard work order process that streamlines making repairs and upgrades. Make sure all employees are following this SOP to avoid breakdowns in your inventory system.
- Incorporate inventory control in employee orientation and annual training sessions. Make sure they are familiar with the system you use, how to use the system, and why it is important.
- Schedule regular cycle counts to audit your inventory and your inventory management system.
- Make sure the spare parts are easily accessible.
- Invest in a computerized maintenance management system (CMMS).
Contact MATE PCS for more information on a CMMS and how it can help streamline your spare parts inventory management system and improve your business.