Leveraged Inventory Management Implementation

 A Leveraged Maintenance Inventory Management implementation includes the following Project Management services

• development of a Stores Inventory Policy (SIP) to determine recommended stocks that optimise budgetary & other constraints
• determination of values for existing and recommended stock following an adopted accounting practice
• the reconciliation of the recommended stock holding against existing stock levels to identify over, under and missing stock discrepancies
• alignment of the actual stock holding with recommendation over time
• re-organisation of the stores environment to suit organisation needs

Below are some images taken from an Inventory Management Implementation carried out recently by some of our highly experienced Project Managers. To find out how we achieved these results for this customer and how you can achieve them, simply read on.

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In most operations there are generally three options when maintaining an item of plant.

• Repair the item (on/off line & before/after failure)
• Replace the item (on/off line & before/after failure)
• Run to failure - leave the replace versus repair decision until maintenance is necessary (i.e. item has failed)

Whichever of these options is deemed the most cost effective, there is a requirement for a rationale to assess the optimum number of components to hold in stock and the optimum time and quantity for re-ordering. This rationale is known as the Spares Inventory Policy and it must take account of the rate of demand for components, and therefore the number of components in use across the plant.

The operation of a Planned Preventative Maintenance System can give invaluable information on plant longevity and component demand and can help define a Spares Inventory Policy and improve the overall effectiveness of inventory management.

Conversely, for a Planned Maintenance Implementation to be effective, a company must also have a Spares Inventory Policy for inventory management which supports in attaining the maximum benefits of such a system. With Planned Maintenance the chosen option(s)(from above) is to repair or replace the item (on or off line) before failure. For this to be possible the replacement item or the means to be repaired must be available when required.

The formulation of a Spares Inventory Policy and implementation plan for a single or few plant items is a simple process. However, most modern plants have a large number of plant items and in this circumstance the task is much more difficult.

Strategic Maintenance Planning, as specialists in Maintenance strategy Development has a structured approach to Spares Inventory Policy formulation and inventory management to help as illustrated below:

This process ensures that you are briefed throughout the entire process and involved in all decisions.

We ensure that our work fits with and enhances existing systems. We involve you and your staff so that ownership of systems is retained by you.

We follow a structured & proven methodology.

We ensure that relevant staff are fully and properly trained.

We ensure that deliverables are provided exactly as agreed and always within budget.

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Category: Implementation Services