Effective spare parts management drives efficiency and creates savings for companies, whether they’re regularly dealing with large, high-value assets, a range of smaller machines and systems or a mix of both. The 3 major benefits of effective spare strategies are:
- Improved equipment uptime:Extended downtime simply due to the lack of a specific part – or even an array of different ones – is generally avoidable with a strong spare parts management strategy and system. While there will be the occasional exception, in general asset uptime will improve considerably.
- Increased service level of inventory: The increased service level is most closely tied to the concept of right parts, right place, right time, and right quality. Businesses that implement the software and systems that drive efficiency in the spare parts planning space typically see an improvement in inventory service levels following a good implementation.
- Decreased investment in inventory:An effective spare parts management and planning system allows businesses to reduce their inventory – freeing up capital – while still maintaining high levels of service and accessibility.