Advantages of Proper Spare Parts Management
· Improves capital assets between 2% and 5%.
· Reduces inventory costs as suppliers can offer discounts on large volume orders.
· Reduces unplanned downtime as the spare parts are on-hand and can be replaced as soon as the part breaks or perhaps even before it breaks.
· Better service to customers as when unplanned downtime strikes, 46% of companies can’t deliver product to customers.
· Increased productivity and OEE which helps achieve maximum ROI on equipment as equipment is used at optimal levels.
· Increased competitiveness as it enables machines to operate at maximum capacity, meaning losses in production are minimized.