There are several techniques for optimizing inventory management :
The Replenishment Method
The order is made on a fixed date for a fixed quantity of products. This method, also called Scheduled Purchasing, allows you to plan your orders. However, it is most adapted to a constant and predictable consumption or use of products, without risking stock shortages or over-stocking.
The Re-Order or Par Levels Method
The order is placed at variable dates but it is the inventory level set at the minimum needed on-hand, that triggers the order. This minimum level of stock, called the “Reorder point”, is calculate in advance.
This method is adapted to regular use or consumption of products but entails routine and rigorous monitoring.
The Restock Method
The order is placed on a fixed date but the quantity is variable, depending on the level of the stock that is needed.
Orders are planned over time and require significant buying power and storage capabilities. You also need to be able to anticipate your needs in advance.
The Purchase-By-Requirement Method
The order is place for a variable quantity, at variable dates, on the basis of company demands and needs.
Whichever optimization method is used, it must be adapted in order to rigorously ensure the needs of the company and stock availability.
So that a Maintenance Service can function properly, it is essential to maintain stock levels of spare parts needed for maintenance and repairs. The risk of ending up with a machine at a standstill, and therefore of interrupting production, must be avoided at all costs.
Inventory management for spare parts requires attention and precision. It is important to track inventory in a reliable way with, for example, the use of barcodes. In order to do that, it is necessary to have had an analytic approach of the different maintenance indicators beforehand:
- which components must always be in stock (availability of spare parts at the time of a breakdown)?
- in what quantity (definition of the threshold point, according to minimum and maximum stock)?
- what are the delivery times?
- for what situation and in which storage areas (discontinuance and cost generated by storage, physical organization of shelving, barcodes etc.)?
- and so forth…