Some people perceived spare parts as nothing because it will not generate any income, but spare parts inventory management has a crucial role to the success of manufacturers to their day-to-day operation. Let us look at the tips on how to improve spare parts inventory management.
Labelling the Spare Parts
ABC and XYZ analysis is the best method of labelling when it comes with spare parts inventory management because this will help to know the number of Nissan truck spare parts you will need for next quarter and will help you identify what brand has the lowest number of stock.
Balance with Sawtooth Diagram
Aside from ABC and XYZ, there is a sawtooth diagram to help you contextualise how many Renault spare parts depleted in Singapore or to know the adequate amount of spare parts you will need.
Update the Bill of Materials
Every manufacturing companies or business who deals with machines has the bill of materials (BOM) in their system to secure any inaccuracies of shortage, and to prevent any overstocking of spare parts.
Calculate the Quantity Amount of Spare Parts
Many industries use economic order quantity (EQQ) formula to further determine the number of spare parts you need to order per year, and to get the value of EQQ the formula goes:
EQQ equals to the square root of the number 2 multiply with the annual demand and multiply with acquisition cost per order and divide the amount to the annual storage cost before getting the square root and the answer will be the EQQ, the number of orders per year.
Improve the Inventory Control System
To further improve the inventory control system companies should implement a standard work order process, and employees should take accountable to their actions when they are sorting their orders such as the number of Volvo truck parts for the next few months.
Follow these tips to improve your spare parts inventory management in Singapore, and if you are looking for spare parts supplier, contact Maxindo Enterprise (SG) as they have various brands of spare parts to offer.
