Spare Parts Inventory and Your Bottom Line - 14 News, WFIE, Evansville, Henderson, Owensboro

Spare Parts Inventory and Your Bottom Line

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SOURCE MaxUp Advantage

LAS VEGAS, July 6, 2014 /PRNewswire/ -- The MaxUp Advantage team has performed hundreds of plant assessments for a wide range of industries including  pulp and paper, metals, consumer goods, and automotive. Each assessment indicated that the most common problem is the lack of maintenance best-practices. This deficiency results in too much capital being tied up in the wrong maintenance parts-and this impacts the bottom line of any company.

Spare parts optimization is one of the most common, complex, and expensive problems in many organizations. Maintaining inventory of excess spares is not the best use of a limited budget but lack of spare parts, when required, can result in expensive downtime and potentially hazardous operations. The key to making effective business decisions in this area is in optimizing spare part inventory levels to minimize the total cost and risk associated with spare part stock-outs.

Traditional algorithms for determining spare parts holdings assume random, independent, demand for spare parts items. This errs on the side of conservatism and generally overestimates the requirement for spare parts holdings. However the demand for most MRO spare parts is far from random and is often predictable. The key to understanding the extent to which the demand for parts is predictable lies in understanding the predictive and preventive maintenance program that drives the demand for those spare parts.

The MaxUp Advantage system incorporates both leading-edge maintenance practices as well as inventory management processes to provide an easy-to-use, web-based, solution that leads to right size your spare parts inventory levels. Using MaxUp Advantage's patent-pending spare parts inventory optimization tools and algorithms results in correct inventory decisions-guaranteed.

MaxUp Advantage has dedicated reliability and supply chain professionals who can help you establish accurate spare parts inventory and integrate with bill of material and parts lists within your computerized maintenance management software or enterprise asset management system.  This is accomplished by using standard and consistent terminology, which will assist end-users in more easily finding the spare parts they are looking for quickly and easily.

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