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Practical spare parts management is the foundation for a reliable plant operation and is a crucial step to the success of your business. You need to know how to determine which spare parts are needed in order to make up an effective and in-depth inventory system. Rather than using your senses to determine what’s needed, it’s best to establish a strategic method that will sufficiently manage the movement and storage of your inventory.

Where to Start

Prioritize Critical Assets

You can build accurate BOMs quickly that are connected to the procurement system and easily accessed from a work order. The only drawback is that building accurate BOMs for every piece of equipment is a time-consuming task. This makes it necessary to create BOMs for critical equipment and/or equipment that requires frequent part orders. Evaluating critical assets will guarantee the availability of spare parts for high-priority equipment. Knowing which assets are essential to the continued operation and which are of lower priorities, will help when making decisions, thus lowering your overall cost.

Trust Reliable Data

Reliable data on all performed tasks gives significant insights into the exact quantity and type of needed spare parts. Having effective reporting capabilities with a 360-degree view of your asset hierarchy can allow you to highlight gaps, and measure the completeness of parts data in your EAM system. In the end, this will simplify the procurement process with accurate and complete asset information.

Understandably, maintenance teams want to assure that all parts are available when needed. This mentality often leads to excess inventory, unused spares, and an additional cost. Identifying the criticality of assets and trusting reliable data are basic steps that you can undertake to improve your spare parts management. Spare parts inventory is one of the most significant assets for every company. Efficient management minimizes cost and guarantees satisfaction. This is a key area with a direct impact on a company’s performance in an ever so tight global competition.

How We Help Improve Spare Parts Management

NRX AssetHub is a complete solution for improving Spare Parts Management. It operates in both the EAM/work order world to help find and select the correct parts fast, making the procurement process easier. Our team of professionals will work with you to select a method and integrate it with your existing EAM system. Keep in mind you don’t have to and should not attempt to fix everything all at once. NRX AssetHub is a complete solution for making improvements over time whenever you are prepared to do so. Follow here to see how we can help you improve your Spare Parts Management or look at our handy checklist that aids you in the best possible solution. 

 

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