Equipment failures can lead to production downtimes, which can cost businesses millions of dollars in losses. Having spare parts readily available reduces downtime — but enterprise procurement teams often overstock their spares inventory, which expends capital and increases inventory management demands. There’s got to be a way to balance “too much” and “not enough” — isn’t there?
There is, now. This new GEP white paper, “A New Approach to Spare Parts Inventory Management,” outlines a scientific method – based on reliability engineering principles – for optimizing inventory and minimizing downtime. It also shares strategies for dealing with excess inventory and managing the implementation of the new policy.
Read this report to gain insights into how procurement teams can run their inventory management operation like a well-oiled piece of machinery.