Spare parts management is the main component of a complete strategic service management process that companies use to ensure that right spare part and resources are at the right place, at right time.
To ensure the availability of spare for maintenance Repair of the plant and machinery as and when required at an optimum cost
Every organisation establish an effective spare parts management system Codification helps the organisation in minimising duplication of spare parts stocking The inventory analyses carried out on the basis of different characteristics like annual consumption value, criticality, lead time, unit cost, the frequency of use
This helps the company in establishing suitable policies for selective control Expensive spare parts are imported Similar industries establishing spare parts bank which helps to reducing the stock holding cost For different industries, it is better to start a spare part bank and suitable information system for the exchange of spares
Business criticality Visibility and optimization Supply chain trends Product characteristics
Lowering the cost of operations and improving service levels, it laid to more sophistication in manufacturing complexity and greater capital investments.
Deployment of spare parts inventory happens across locations and one way of controlling the spare parts by taking a global view of inventory and forecast based on demand.
The trend towards outsourcing of service and integration from both a process and a system perspective.
The proliferation of parts and products make the equipment manufactures to be standardize on parts and components and rationalizers by using same standard across the manufactured products.