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31 Oct 2017

Save Money on Spare Parts Management!

October 31, 2017Blog

Would you believe us if we told you that you could achieve savings of at least 10% in ongoing maintenance and operations with better methods for managing your spare parts? In asset-intensive companies, having effective spare parts management helps reduce costs while keeping operations running smoothly. But to achieve an effective method for managing your spare parts, you need to first figure out what is hindering your company’s performance!

Here are a couple of reasons why you may not be saving money when managing your spare parts.

  1. Too many misnamed and unclassified parts in your EAM system that do not adhere to any sort of naming convention makes it a lot harder to find and select the correct parts needed or analyze the parts data.
  2. When you have many duplicates and obsolete parts in the EAM system, you are unable to find an easy way to eliminate them in the system, which results in high costs.
  3. Difficulty selecting the correct parts to plan, schedule and complete work orders also adds to costs. Maintenance workers are wasting their time trying to identify the correct parts to complete a work order and bad text descriptions in the EAM system makes it hard for workers to order. This all results in time wasted and misordered parts.
  4. Being unable to add parts to the catalog efficiently both one at a time and in bulk will make it harder to make improvements.

These are just a few reasons as to why you could be saving money by improving management of your spare parts. But don’t worry, you are not alone! These problems persist in all asset-intensive companies. So how are you able to avoid these issues? It’s simple!

Here are a couple of features that you should have in your system which will help your company save money on managing your spare parts.

  1. Having standardization and cleansing features allows for automated procedures for classifying, renaming and adding characteristics to the different parts in your system.
  2. Having efficient processes for eliminating duplicates and obsolete parts.
  3. Being able to govern the addition, deletion or changing of materials features effectively.
  4. A system that allows for selecting and finding materials efficiently will reduce costs. This means being able to search and filter your catalog of EAM parts by EAM descriptions and attributes, as well as legacy or supplemental parts descriptions to help find parts that are already in your EAM catalog.

NRX AssetHub is a complete solution for managing materials and BOMs

Our software is the complete solution for improving Spare Parts Management. It operates in both the EAM/work order world to help find and select the correct part fast and the procurement world to help make it easier to order the correct spare part.

Find out more about how NRX AssetHub can help you improve your Spare Parts Management here.

Download a handy checklist to help you choose the spare parts solution you need here.

If you would like to learn more about how NRX AssetHub can assist your organization, contact us at 1-877-603-4679 or book a meeting today!

 

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