3 Simple Tips for Spare Parts Management

Effective spare parts inventory management is a critical component of smooth plant operations. As a part of the overarching equipment maintenance strategy, optimizing available parts inventory to maximize budget and space requirements takes some planning and may require navigating a complex procurement process on the front end. Use these three tips to improve spare parts management in your facility.

1 – Prioritize

What are your most critical parts and equipment? What are the cost drivers on the floor? What are the consequences of downtime for those critical assets? Prioritizing critical equipment will contribute to a solid parts management strategy.

2 – Define Minimum and Maximum Stock for Critical Parts

Establishing the minimum and maximum levels for spare parts inventory eliminates the guesswork behind reordering. Guidelines allow a team of people to participate in the process of maintaining and managing spare parts inventory making it simple and efficient.

3 – Use a Tracking System

The goal of spare parts management is to avoid downtime and enable the maintenance of equipment in a timely manner. Designating a system to track the inventory and guidelines is another important component of the process. A tracking system should include a list of which parts are on hand, suppliers, lead times, and values. Tracking how often a part is taken from spare parts inventory and what issue or piece of equipment required its use can also contribute to maintaining a healthy factory. Ideally this system should uncover equipment that may be routinely failing and may need an overhaul when maintenance costs exceed the cost and benefits of replacement with new and more advanced manufacturing technologies.

Simple processes for spare parts management and tracking can not only keep a factory running smoothly but capture spare parts data to reveal total cost of ownership that may dictate an upgrade.