It may seem an unnecessary expense to keep a stock of critical spare parts. However, this investment is like an insurance policy. If your equipment breaks down, you are faced with days of downtime and the additional expense of shipping replacement parts. Having spare parts on hand will reduce downtime and extend uptime. But what are critical spare parts? And how do you choose the right ones? Listed below are some of the factors to consider when choosing a stock of critical spare parts for your machine.
Identifying critical spare parts is the first step to ensure that they are available. These parts are identified by conducting an analysis of the criticality of equipment. These parts are prone to failure and can cause unacceptable business risk. Then, you need to select the best spare for your machinery and inventory. The best spare is one that is guaranteed to be in stock and delivered on time. When you have a critical spare, you can relax a bit.
When it comes to stocking spare parts, you should take into account factors such as lead time from order to receipt, reliability of supplier, and cost of acquiring the part. Ideally, critical spare parts should be bought from a single supplier and undergo a rigorous certification process. This will help you reduce risks associated with delayed deliveries or lost production time. Some parts are only available from one supplier, so it is important to select the most reliable one.
When it comes to inventory, the most important parts should be listed on the bill of materials (BOM). While some parts are not as critical as others, it is still essential to keep them in inventory. Identifying the critical spare parts can be a difficult task, but the results are worth the effort. When you have a clear understanding of the parts that are important, you can decide what stocks to buy and how much to purchase.
Ensure that you have enough critical spare parts for the entire production cycle. It is important to have enough parts in all locations, and it is also important to ensure that none of them will be lost or damaged. To do this, you should have regular inventory reconciliation processes with your local partners. This data will help you manage replenishment and move parts between locations efficiently. You can also use this data to optimize your procurement strategy. And don’t forget, critical spare parts can be purchased in bulk and discounted to increase your overall savings.
Choosing the right critical spare parts will help your business stay operational. Not only will they help you keep your operation running smoothly, but they will also help your company stay safe. These parts are important for the safety and productivity of your employees. But they come with ongoing management costs. On average, the cost of maintaining critical spare parts in inventory ranges between 17 and 25 percent of the total cost. However, the benefits far outweigh the drawbacks.