Spare parts management is when managers ensure that the correct parts are provided to workers quickly, accurately, and efficiently. In managing spare parts, you are essentially managing risk, and many companies tend to react to that risk rather than take proactive action to reduce it. Focusing time and resources on spare parts management is worth it as you can prevent issues before they come to be. Below are some of the many benefits of effective spare parts management.
Reduces Inventory Costs
Failure to properly manage spare parts can lead to excessive spare parts, leading to excess storage costs. Not only are there storage costs, but holding too many parts also results in carrying costs. Effective spare parts management can ensure that critical spare parts are available when needed without maintaining too much inventory to avoid unnecessary storage and carrying costs.
Improved Productivity
Having parts readily available for the maintenance team to repair or maintain assets means that work order can be completed quickly and efficiently. Poor spare parts management inevitably leads to less efficient production. Furthermore, having critical spare parts available can allow you to reduce downtime and make faster fixes to equipment. If even one machine is broken in a production line, it can bring the entire process to a halt, so being able to reduce downtime by having the right parts available is critical.
Prevent Disruptions from Ordering the Wrong Parts
Effective spare parts management should also allow you to prevent disruptions that occur when you order the wrong spare part. For example, if a part is misclassified or poorly described, then there is a greater chance that the wrong part could be selected when planning work. Delayed repair and maintenance can result in delays within the production process, which could have been prevented through accurately described materials.
Reduction of Obsolete and Duplicate Materials in your EAM/CMMS System
Ineffective spare parts management can result in obsolete and duplicate materials in your EAM/CMMS solution. Proactively managing processes to deal with spare parts obsolescence especially for critical equipment can avoid problems when critical equipment needs to be repaired or maintained. Adding the same material multiple times to your EAM/CMMS solution is costly and wastes the time of your maintenance and procurement teams. It also makes it difficult to choose parts and plan work in the system.
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