If you are involved in spare parts inventory management then the headline for today's newsletter will not be news to you.
After all, data management and governance is a fundamental requirement for effective spare parts inventory management.
That's why I am always surprised at companies that pay too little regard to how they create, record, and manage spare parts descriptions and procurement data.
So, what’s at stake?
Without accurate data you cannot properly optimize your inventory, you risk costly procurement mistakes, and you risk extended downtime due to stock outs.
That is, operational inefficiency and extra costs.
If this is your company, you are not alone.
This is such a big issue that I have been working with an award-winning organization to provide a range of data management services, including:
- Assessments
- Data cleansing and standardization
- Bills of material development
- Data governance
How would you feel about a 50% drop in stock out risk?
This is the type of result that can be achieved with the right tools.
If you are actively thinking about what can be done to get your data management under control then contact me for a confidential discussion.
You can read more about our data management and governance solution HERE.
Spare Parts Inventory Management Workshops
Are you uncomfortable with online training?
I know that some people can think of nothing worse!
I am keen that everyone gets the chance to learn our tools and techniques so I have teamed up with the SIRF organization to present a series on live, in-person, workshops across Australia.
These are 2 day workshops where I will take you through the entire spare parts management life-cycle and teach you what is required to implement a best-in-class approach for MRO and spare parts management.
The workshops will be highly interactive with exercises and plenty of time for your questions.
Over the course of two days I will be covering:
- The uniqueness of spare parts management
- Financial considerations
- Metrics and reporting
- Policies and procedures
- Managing rotable and repairable spares
- Best practices
- Deciding what to stock
- Capital equipment and first time buy
- Identifying and managing critical spares
- Setting the Re-Order Point (ROP) and Re-Order Quantity (ROQ)
- Forecasting
- Inventory optimization
- Managing obsolescence, end of life, and last time buy
Here are the locations and dates.
Melbourne, Victoria
Wed 15th Nov 2023, 8:30 am – Thu 16th Nov 2023, 4:30 pm AEDT
Perth, Western Australia
Thu 23rd Nov 2023, 8:30 am – Fri 24th Nov 2023, 4:30 pm AWST
While the locations will suit people based in Australia, experience tells me that these cities are easily reached from nearby countries: New Zealand, Indonesia, Malaysia, PNG, the Philippines and more.
You can read more and find links for registration HERE.
So, if you have been waiting for an in-person event, now is your time!
