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Spare parts management involves deciding which parts to stock and where to keep them, with good inventory control and consideration of factors such as parts availability, downtime costs, and customer satisfaction. It applies not only to factories but also to households.
Spare parts management is keeping key spare parts in strategic locations so they are available when needed. Decisions about which parts to stock and where to keep them require a careful assessment of current and future needs. In some cases, it may be more cost effective to order a part when needed, while in others it may be necessary to keep a replacement part on hand to avoid downtime in case of breakage or problems.
An important aspect of spare parts management is good inventory control. A facility that maintains spare parts needs a well-organized storage area with a detailed and accurate inventory of the parts present. As personnel use replacement parts, they must record their activities. This will allow an inventory controller to reorder parts if necessary or consider evaluating a piece of equipment if it fails and requires repair services.
Personnel making decisions about which parts to keep on hand may weigh many factors. One aspect of spare parts management is parts availability. If a company knows it can always get a part within four hours, for example, because a distributor has committed to keeping it in stock, there’s no reason to keep it with other spare parts. If there are concerns about the time required for delivery or unusual parts that may not be available when the business needs them, you need to keep a spare. Likewise, if downtime is extremely costly, the business will need a spare. Some parts may expire or acquire damage in storage and should not be kept in stock unless the company knows it will be using them.
Customer satisfaction is an essential component of spare parts management. Companies need to determine whether holding stock will bring benefits in the form of shorter returns and less risk of downtime that would make storage costs, inventory controls, etc. justifiable. For some companies, replacement parts may not make a significant difference to customer satisfaction and it will be more cost-effective to order replacement equipment when needed.
Spare parts management is not just about factories and big companies. It can also occur at the domestic level. Many families keep items like light bulbs, screws, washers, and other basic supplies to make quick repairs when something breaks. These replacement parts take up space, but they can be very convenient.
Asset Smart.
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