Subject: Use it Or Lose it! Is That Your Budget?

Use it Or Lose it! Is That Your Budget?
Hi Friend,

We are now in the final quarter of 2019. 

What does that mean to you?

If you work at a company that applies a 'use it or lose it' approach to budget management then you might be working out how to spend your budget before the year is done. (Assuming that you have some remaining!)

Unfortunately this approach means that people then make very sub-optimal decisions.

For example, maintenance personnel may remove parts from the storeroom with no intention of using them anytime soon. The storeroom then re-orders as they should and now the company has spent much more than it needs to.

This is bad for the company, bad for the spares, bad for the personnel processing those orders and deliveries, and bad for the historical record of usage.

Too often people don't even realize that this approach wastes time and money.

If you want to understand these (and other issues) and how to manage them, then you should consider spending that remaining budget on training.

At SparePartsKnowHow we train both individuals and teams in spare parts inventory management.

Our online courses are on-demand and instantly available. 
No waiting until we come to town. No travel expenses.

And if you start soon you could achieve our Basics Certificate before the end of the year!


Keep on improving!

Phillip Slater
Founder, SparePartsKnowHow
Feature Video: The Problem with Inventory Optimization

What is the problem with spare parts inventory optimization?
Phillip Slater explains in this short video.
Feature Article: Adopting a Zero Inventory Mindset

Adopting a zero inventory mindset is not an action, it is a perspective or framework for all of your future decision-making.The key is to ask three questions before making any commitment to continuing to hold or adding to your inventory. 
Coming Soon! Vendor Directory

Our new vendor directory supports our goal of being the global go-to website for spare parts management, training, products, procurement, and services.

Practitioners: Contact us and tell us want you need.
Vendors: Contact us if you want to be included.
Feature Program: Full Access and Support

People who are assigned with the task of implementing new spare parts management methods need more than just training. They need information and support to help them get on with the task. This is what our Full Access and Support Membership offers.
The Spare Parts Alliance
Connecting our clients, subscribers, and professional network to suppliers that they can trust.
A leader in the provision of procurement services. Helping companies manage the complex activities of MRO procurement and logistics.
The world's foremast company for standardizing, enriching, governing, finding, and leveraging, MRO and material master data.
Provides comprehensive education programs in reliability and maintenance practice.
Based at the University of Tennessee, Knoxville.
Spare parts management specialist and consultant.
Author of Spare Parts Inventory Management and Founder of SparePartsKnowHow

Initiate Action Pty Ltd, P.O Box 628, 3039, Moonee Ponds, Australia
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    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 2019-10-08. Report abuse