How do you manage your infrastructure asset’s spare part inventory? Who tells you which spare part shall be required for which asset and when?
It is most likely that you as an asset owners/operator follow one of the below mentioned approach to manage your spare part inventory:-
- 1. Making assumptions – You make certain assumptions about the probable inventory that might be required in a month/quarter by calculating the number of assets, their service due dates and few other elements.
- 2. Learning by previous experiences - if you are an experienced player in this sphere, you calculate the inventory requirement based on your past learning.
Traditional Method: Challenges
Have you noticed that both methods mentioned above do not have a logical explanation? In both cases, no scientific methodology has been adopted to arrive at spare part calculation.
The ‘current running status’ of the assets have simply been ignored.
- - The current condition of an asset
- - Running of an asset
The absence of a scientific solution towards this end leads to the following:-
- - Working Capital is unnecessarily blocked as excessive inventory is ordered based on assumptions/experience.
- - Losses due to redundancy occur as excessive spare parts that are stored in godowns become obsolete with time and can no longer be used.
- - Unavailability of the right spare part at right time is a common phenomenon.
- - Opportunity loss occurs as the machines/assets are kept idle due to unavailability of spare parts in time.
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The obvious solution is to have a mechanism which can help you in placing a more accurate indent for spare parts through a scientific calculation. The following things can help you to achieve this:-
- - Know your asset’s current running status
- - Ascertain the physical health of your asset periodically
- - Monitor the service and maintenance requirement of your assets timely
- - Plan your spare part indent well-in-advance to ensure that ongoing requirements are met
- - Manage your spare part inventory level periodically
Most asset owners think that the above is manually impossible. If you think contrary, give it a try. If not, read on.
Tappet Box: Arrive at an ideal inventory management scenario
Tappet Box, a leading edge infra-asset management solution can rescue you from the complications of manual inventory management. With a 360 degree approach towards asset management, it monitors and manages every aspect of your asset flawlessly.
The application can simplify your inventory management in the following manner:-
- - It monitors the current asset running status
- - It monitors and manages the periodic service and maintenance schedule of every asset
- - It notifies the asset operator/owner of possible glitches in an asset by detecting a change in pattern
- - It keeps a record of spare parts that were changed earlier
By keeping an eye on the smallest detail and monitoring the above aspects, Tappet Box can help you predict spare part requirements with utmost accuracy.
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The state-of art solution comes with multifarious benefits that apply to every stage of asset management. To know more about them, click here.
In this blog, let us explain its advantages in spare part management:-
- - Accurate prediction of spare parts required through a scientific approach and robust record-keeping.
- - Reduction in inventory levels by eliminating unnecessary pile up based on assumptions/past experiences.
- - Release of Working Capital Capital that was earlier stuck in inventory managed through traditional means.
- - Eliminate the error based on assumption,thus ensuring that right spare parts are available at right time.
- - Sufficient lead time to procure spares, thus enabling the user to avoid the last moment rush and get a better bargain on price and quality.
- - Stress free methodology that can be easily relied on
- - Creates true synergy within the asset ecosystem. Example: An update on asset running by an 'operator' can be useful by the 'store manager' to indent spare parts and in turn proves valuable for the 'organization'.
- - Huge jump on Return on Capital Employed / Investment by improving inventory turns.
Since the consumables contribute almost 75% of inventory, the impact of TappetBox shall be tremendous. Having trouble managing spare part inventory? Experts in asset management can help you to discover the most effective ways. Get all your queries answered - Register for concall.