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SPARE INVENTORY

How does the spare inventory management support predictive maintenance?

Spare inventory management at its full capacity is the key element of the
production process and maintenance in any business.
Nevertheless, with management methods selected properly, it is possible to
dramatically increase the productivity and eliminate the operational costs.
Why not find out for yourself how smart inventory management can support
predictive maintenance?

What is predictive maintenance and how does it work?

Predictive maintenance is a concept of maintenance management that has
pushed aside the preventive and run- to- failure methods.
Both methods are about reacting only when there is already a malfunction in
place or, when there is time to take the maintenance actions scheduled prior.

Predictive maintenance on the other hand is all about taking actions
considering precisely the current needs of the equipment.
The key aspects of this concept are: eliminating failures from occurring,
keeping an optimal work environment for the maintenance staff as well as
constant monitoring of the equipment. Predictive maintenance is currently the
most advanced method of equipment work optimization used by the leading
manufacturers.

Spare inventory management in the context of predictive maintenance

In order to optimize predictive maintenance to the maximum, it is necessary to
implement its concept into the value chain- especially at the stage of spare
inventory management. It is important for the maintenance service teams to not
only have a clear vision of the spare inventory but also, to be an active
participant in its constant monitoring.

Spare inventory maintenance should not be viewed simply as lists of spare parts, operating supplies or tools. Inventory maintenance is much more complex: its main goal is full availability of all elements necessary for continued maintenance and production, in the way that is most effective for the company.

An incorrect way of spare inventory management may generate additional costs

An incorrect way of spare inventory management may not only burn your
budget, but also cause either temporary or permanent inventory insufficiency.
That in turn is intertwined with an unforeseen production outage, resulting in
the value chain disruption. The consequence will surely be a major delivery
delay that may even cause damage to companyʼs reputation.

On the other hand, a supply surplus in the spare inventory will generate additional costs and will increase the risk of deterioration of the products already stored- piling on the costs even more.

How to optimize spare inventory management?

According to the published in 2018 Emerson Report, maintenance service is
able to dedicate only 25% of their time to finding spare parts or other operating
supplies and tools involved in the upkeep of production machinery.

As you can see, keeping high availability of parts, tools and supplies, is key to maintaining a well- functioning spare inventory and in consequence- to an effective maintenance system in place. There are at least two fundamental aspects
which will allow you to streamline spare inventory management.

Prioritization of critical parts

One of the key aspects you should consider when trying to optimize spare
inventory management is creating a transparent list of parts, that are critical to
maintain the production. These parts need to be easily accessible at any given
moment to the maintenance service.

In order to accomplish that, it is necessary to create and implement a classification and coding system. The system should be unified within the maintenance service and other departments of your company, responsible for the processes possibly intertwined with the production. One of the common practices is the ABC method which essentially means classification of parts, supplies and tools, in accordance with their consumption value- meaning their profitability and validity.

The products marked with an “A” are the critical products of strategic importance, the “B” products are less important, and the “C” products are tertiary. According to Paretoʼs Law, 80% of the total consumption value comes from 20% of parts, supplies and tools.

Once you list all the parts and classify them in accordance with the ABC method, it is recommended to additionally create their descriptions and add attachments in form of technical documentation. You can now pin all that together in the functional CMMS system.

Inventory movement monitoring

Developing a classification system as well as using the CMMS and the ERP
systems, allows manufacturing companies to easily and precisely track the
movement of their supplies.

Thanks to the access to information presented in a transparent manner; mirroring the actual state of the spare inventory, it is much easier to forecast maintenance data, scheduling, estimating the evolution of demand for every element or, adjusting the frequency of part orders.

If within the CMMS system, the data on inventory is updated on a regular basis, the maintenance service and the managers are able to determine the level of
particular supply at any given moment.

Inventory management: from the beginning until the end of value chain

For the last few years, we have noticed ever more intensive transformation of
manufacturing companies- changing into ecosystems in the context of Industry
4.0.
The solutions within the IoT; the automation of information and its sharing
among the employees, machines and the IT infrastructure has advanced rapidly
among all subjects and on every stage of the value chain. This assures greater
effectiveness, cost optimization and an increase in profits generated by the
company.

More About the concept of Industry 4.0.

Thanks to the functionality of the CMMS system, the maintenance service
teams gain greater flexibility, effectiveness and precision in dealing with the
problems. Moreover, the contemporary CMMS system- such as the QRmaint
CMMS- allows you to supply the inventory and simplifies the management. It
lets you keep direct relations with your suppliers, creating the so- called
mobile work hub, within the circle of manufacturers, suppliers and end
customers participating in the value chain.

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