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Reducing the Value of Spare Parts in a Maintenance Organization - Coursework Example

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This paper “Reducing the Value of Spare Parts in a Maintenance Organization” provides a viewpoint that stock shortening should provide great product cost savings. Stocks correlate with the supply chain and its shortening reduces the inventory, improve cash flows and flexibility…
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Reducing the Value of Spare Parts in a Maintenance Organization
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Download file to see previous pages The ways to reduce inventory exists for all the companies through ongoing reviews with the suppliers, management reviews, production planning, forecasting, and stock locations. Poor forecasting and planning, outdated IT systems, inefficient production models, lack of closeness with the suppliers/customers and poor transparency of stock locations will result in excess inventory. Inventory management includes consignment stocks from suppliers, returning inventory in case of slow-moving parts, streamlining the product range, special incentives for the disposal of old and slow-moving spare parts. Outsourcing some elements of the supply chain will also help in reducing the inventory levels as the manufacturers outsource small units to lower cost territories and thus the supply chain costs are reduced in terms of cost of purchases and improving cash flow for the company.
Inventory constraints, logistical issues of the spare parts etc... are some of the criterions taken into account. The management strategy decision has to be integrated with the set of hierarchy process models to resolve issues at different levels. An inventory policy matrix is linked with different classes of spare parts to achieve the best control strategy for the spare stocks. Inventory management technique will help to improve the stock turnover ration and convert assets into cash. The principles of the theory and the problems faced and how one can resolve these issues are reported in this paper.
A Maintenance Manager is responsible for guaranteeing that all mechanical and plant equipment is in good operating condition. Inventory is defined as a resource having a monetary value. Inventory control aims at maximizing the working capital and developing procedures on optimizing these procedures. ...Download file to see next pagesRead More
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