Subject: The Invisible Hand Of Spare Parts Inventory Management

The Invisible Hand of Spare Parts Inventory Management 
Issue #174

Hi Friend,

Last week was a milestone week for me - I finished the text for a new book!
All things going well, the book will be on the shelves by September this year.

The book, titled Spare Parts Inventory Management, addresses the key issues confronting people during the life cycle of spare parts inventory, from establishing a system for management, through to the physical management, through to final disposal. 

One of the issues to consider and understand is ‘the invisible hand of spare parts inventory management’. This month's article is an extract from the foreword of the book and explains the concept of the ‘invisible hand’ and what it means, on a practical basis, to every spare parts inventory manager.

You can read this extract here: 

This month we have also created a new self-guided short course at SparePartsKnowHow.com that replicates the content from my Spare Parts Management Boot Camp. You can read about this below.

Plus we have three new white papers - these delve into a topic more deeply than a simple online post. Again, details are below.  

Keep on improving!

Phillip Slater
Founder, SparePartsKnowHow.com
Spare Parts Inventory Management Tip #16
It is inevitable that you will have to dispose of some spare parts inventory so you might as well plan for it.. 
New Self-Guided Short Course

Spare Parts Management Boot Camp
This self-guided short course is based on our half-day boot camp program and teaches you the very basics for spare parts inventory management. Topics covered include Identifying critical spare parts, determining the ROP and ROQ, questions to ask before deciding whether to stock an item, and spare parts management best practice. Like all of our courses, this course is supported with online coaching.

Estimated time commitment: 3.5 hours
Cost: Included as part of the membership.
Available via the Resource Center
New White Papers

7 Questions for Deciding What to Stock
Before deciding on how many of an item should be stocked the first question to ask is: Should the item be stocked at all? Download from the Inventory Management section.

Determining Spare Parts Criticality
One of the key causes of incorrect criticality assessment of spare parts is a failure to recognize that a spare part that is critical to the operation of a machine is not necessarily a spare part that must be held in inventory. Download from the Inventory Management section

A Practical Method for Determining Spare Parts ROP and ROQ
The standard inventory management theory does not provide realistic answers for determining the ROP and ROQ of spare parts inventory. This paper take you through a sure-fire, logical and practical approach that does. Download from the Inventory Management section

The Solutions Network

If you have plans for any spare parts management related initiatives this year then reduce your risk by contacting me for an introduction to a provider (via return email is easiest). Or for specific solutions follow the links below. 

Data Management and Cleansing
sparesFinder: helps companies solve materials data challenges and provides the tools needed to deliver significant savings beyond data cleaning.

Reliability and Maintenance Education
The Reliability & Maintainability Center (RMC) at the University of Tennessee, Knoxville, provides comprehensive education programs in reliability and maintenance practice.

Spare Parts Management Consulting
Initiate Action: my company for providing consulting and training services specifically targeting spare parts management.

Books
Smart Inventory Solutions is a leading book on spare parts inventory management - available at Amazon.com. 
Initiate Action Pty Ltd, P.O Box 628, 3039, Moonee Ponds, Australia
You may unsubscribe or change your contact details at any time.

    This is an online snapshot of a newsletter created by the owner of SparePartsKnowHow.com Subscriber (Initiate Action Pty Ltd, P.O Box 628, 3039 Moonee Ponds, Australia) and sent via GetResponse on 2016-06-20. Report abuse