A Bill of Material (BoM) is an exhaustive list of the different spare parts for a piece of equipment. It also includes instructions on how to collect and use each material. In other words, a BoM is essentially like a shopping list and detailed recipe for creating a scrumptious dish, or in this case, a piece of equipment in your EAM system.
Asset-intensive companies are heavily dependent on proper spare part management to ensure seamless operations alongside cost reduction. BoMs can be extremely useful for these companies when maintaining equipment and ordering spare parts. Some of the benefits include increased accuracy with work orders, reduced downtime, decreased duplication, and much more. So, if your company doesn’t have BoMs for key equipment, you are missing out!
Why Don’t Some Companies Use BoMs?
Are BoMs beneficial? Of course! Are they easy to create? Not exactly. When creating a BoM, much patience, expertise, and time is needed. Many companies who do have BoMs in their system do not make use of them because they are either outdated or unfinished. However, the catch is that asset-intensive companies engaging in spare parts management without BoMs are at risk of inefficiencies, inaccuracies, and ordering the wrong parts.
At the end of the day, you have two options, and the choice is yours. First, you can invest the time, resources, and expertise to build effective BoMs to improve business processes. Second, you can forgo BoMs, and deal with the problems that can arise from not having an effective spare parts management tool.
Hop on the trend
When making decisions, you always weigh the pros versus the cons. When it comes to building BoMs, the pros far outweigh the cons for your key equipment. Don’t let the time, money, and expertise required to build BoMs scare you from investing in something that could be incredibly beneficial for your company. Be proactive in your approach and solve the problem before it even starts!
The NRX AssetHub solution eliminates duplicates using intelligent SKU matching, provides strong reporting features, allows you to select recommended parts using the visual catalog, and many more. If you are curious about building BoMs and would like to learn more, feel free to book a demo, and we would be happy to assist you.
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