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Efficient spare parts management is becoming increasingly more efficient with current technology.

Spare parts inventory is often feared in many companies when trying to control their operating costs. Managers are expected to reduce costs while simultaneously maintaining an efficient operation. This is more difficult when it sounds when unexpected events or emergencies arise.

This is when an efficient spare parts management plan becomes a necessity. A predictive operating strategy, a solid inventory management system, and identifying critical parts in case of emergencies are factors companies should consider in developing a part management system.

Inventory Management

Having an efficient inventory management system is a key to spare parts management. Current technologies, like vertical storage carousels integrated with inventory tracking software, can minimize downtime when searching for critical parts. Inventory tracking software tells you exactly what is available for use. Systems with built in reporting software can put in work orders and order inventory that needs to be restocked. These digital orders can decrease labor time and mistakes in the inventory management process, ultimately reducing costs.

Predictive Operating Strategy

While having a plan in case of unexpected events may seem like common knowledge, some companies still operate by reacting to events rather than predicting them. A successful spare parts management strategy should be built around preventing problems before they happen. Companies should consistently look at the “big picture” in order to pinpoint potential problems or failures. Predicting problems and solving them cuts down on future costs associated with handling a crisis, and makes more efficient use of resources.

Identify Critical Parts

While ultimately all parts will be necessary, it is important that companies prioritize critical parts to have higher replacement rates to keep up with demands. It is impossible to eliminate the issue of being out of stock without investing in spare parts. Managers can refer to purchase reports and records that offer insights into the parts that have most often been replaced. Staff expertise plays a large role in identifying critical parts. Sometimes, software can overlook an inventory need, and an exception would be needed to make through the knowledge of an experienced employee.

Learn More

Business Systems & Consultants, Inc. is a leader in storage solutions. Our storage systems are designed to provide competitive advantage, and lasting profit. Our vertical carousels and lifts minimize production space and provide rapid access to workers. Parts that are accessed more often are delivered quickly and securely to workers. Click here for more information on our spare parts storage solutions.