Subject: 3 Poorly Understood Aspects of Spare Parts Management

3 Poorly Understood Aspects of Spare Parts Management
Hi Friend,

What do you think are three of the least understood aspects of spare parts management?

Unfortunately there are many to choose from!

Today I am providing links that I think address 3 poorly understood aspects of spare parts management. These are:
  • Optimization
  • The complexity of procurement
  • Vendor selection
Why these three?

Simply because the vast majority of published content in these areas does not address spare parts management, they address other types of inventory and are mistakenly applied to spare parts.

Here are some examples.
The vast majority of optimization solutions are built for direct inventory and yet they are applied to indirect inventory, where they are, at best, sub-optimal.

The management cost component for indirect procurement is 4X the cost for direct procurement. Yet, for many companies this difference is not reflected in their procurement practices.

The dynamics of spare parts means that successful vendor collaborations are built on relationships rather than just transactions.

When these issues are not properly understood it is just not possible to achieve anything near best-in-class performance.
Scroll down for the links to these items (under the heading 'Feature Content').

Stay safe.
Keep on improving!

Phillip Slater
Founder, SparePartsKnowHow

Demystifying Spare Parts Inventory Management
The Spare Parts Alliance
Connecting you to suppliers that you can trust.
A leader in the provision of procurement services. Helping companies manage the complex activities of MRO procurement and logistics.
http://bit.ly/v-linegroup
Right Sized Inventory uses patented inventory-optimization predictive analytics technology to analyze your supply chain and establish best target inventory levels. 
http://bit.ly/RSI_SPKH
NRI Industrial specializes in the management and sales of surplus spare parts. They provide solutions to recover value from overstock, surplus and obsolete inventory. 
https://bit.ly/NRISolutions
Provides comprehensive education programs in reliability and maintenance practice.
Based at the University of Tennessee, Knoxville.
http://bit.ly/RMICUT
Spare Parts Management Specialist and Consultant.
Author of Spare Parts Inventory Management and Founder of SparePartsKnowHow
http://bit.ly/phillipslater
Spare Parts Inventory Management Training, Resources, and Coaching for Individuals and Teams. Improve your spare parts management know-how.
http://bit.ly/SP_KH
Feature Content
Feature Article: How to Select the Right Vendor for the Services That You Need

This link takes you to two articles that address how to select the right vendor for the services you need.

Feature Training: Spare Parts Management Mastery

Our Mastery program is designed for the people who are assigned with the task of implementing changes in the way your company manages spare parts.

Feature Audio: Inventory Optimization Software Solution

Listen in as Sarah Barnes-Humphrey, Founder and Host of Lets Talk Supply Chain, interviews Chris Dietrich of Right Sized Inventory. 

Feature Video: Procurement of Indirect Materials

Do you know the characteristics that differentiate direct and indirect procurement? Watch this recent webinar to learn more.
Initiate Action Pty Ltd, P.O Box 628, 3039, Moonee Ponds, Australia
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