As you know, and have no doubt experienced, people have different perspectives of risk and so can make wildly different decisions on stocking levels for spare parts inventory.
Sometimes this leaves you exposed and sometimes you can over-invest.
What many companies find helpful for ensuring the 'right' level of inventory is the use of inventory optimization decision support software.
In response to this need we have worked with a software developer to provide an inventory decision support solution that is flexible yet fully functional – incorporating all of the required supply chain factors to accurately determine optimal inventory levels.
One thing that might surprise you is that it does not use an algorithm!
What it does do is take the guesswork out of determining the minimal amount of inventory required to achieve defined service levels; thus, eliminating inventory imbalances and quantifying risk.
You can read more about our inventory optimization and decision support solution HERE.
If you are actively thinking about what to use for your inventory optimization and decision support then contact me for a confidential discussion.
