Spare parts management is a crucial aspect of efficient asset management. However, some organizations are reluctant to stock spare parts due to the carrying costs. Although, without readily available spare parts, there is a risk of unnecessary downtime which can lead to significant revenue loss.
Improving management processes through work orders:
1. Standardizing work order processes: Once you streamline your work orders, inventory management runs smoothly. If all relevant information is passed along a work order, employees are more likely to utilize the standardized process set in place, which improves inventory accuracy.
2. Assessing priorities: There should also be a system set in place wherein work orders are created based on their importance levels. For instance, if a particular work order has high priority, it should be completed in advance to reduce the maintenance department’s wait time to arrange these parts.
3. New equipment: Often, we tend to overlook the need to stock spare parts for new equipment. However, this is not a good practice since one assumes that the new equipment comes with no flaws or damage. This can be improved by asking vendors for some of the equipment’s critical parts in case of a mishap in the future.
4. Reviewing previous work order reports: Doing so can help identify recurring parts of assets prone to failure. Finding out the parts that require maintenance on the regular can help plan spare parts in advance and determine if there is a need to change current suppliers.
Hope for the best, prepare for the worst
The efficient planning of spare parts management is essential in asset-intensive businesses. Evaluating the need for spare parts early on can reduce wait times and improve uptime. If you would like to learn more about how to do more with your work order data, click on one of our resources below, or book a demo with us to chat with an expert!
Knowing Your Spare Parts Dictionary: What’s in a Name?
The Cost of Poor Quality Spare Parts Data
Speeding Up Your Spare Parts Search with a Materials Data Cleanse
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