Keeping costs low while maintaining optimal uptime is a top priority for site management at a facility; however, this goal can be challenging when equipment breaks down unexpectedly. Something as small as the replacement of a minor part on a piece of equipment can turn into a major incident if the appropriate spare parts are not readily available.
In response to these challenges, PinnacleART works closely with clients to define a spare parts strategy, which is based on equipment criticality, the cost associated with stocking individual parts, and the risk of not stocking specific parts. PinnacleART’s team of engineers and technicians offer detailed spare parts optimization and development support by developing a risk-based spare parts strategy, identifying potential spare parts and Equipment Parts Lists (EPLs), making risk-based recommendations for spare parts to be stocked, associating parts for proactive and corrective maintenance tasks, and incorporating the spare parts information into the Computerized Maintenance Management System (CMMS), or other material management systems.
Click here to read our case study, “Achieving a 75 Percent Cost Reduction Against Vendor Recommendations Through Spare Parts Optimization” to learn more about the benefits of spare parts optimization.
PinnacleART can also include existing inventory in the analysis to identify parts that are already stocked and prevent possible duplications. In addition to identifying which parts should be stocked, PinnacleART defines a minimum stocking quantity for each part that should be maintained to achieve a risk-driven minimum confidence level that the part will be available when needed by the client.
For new projects, PinnacleART collects spare part information from vendor data provided to the project. Our team then completes a risk-based demand model, based on the dominant failure modes identified during the Reliability Centered Maintenance (RCM) analysis. The demand model identifies equipment and spare parts that can be justified by economic (quantitative) reasons, or by safety, environmental, or other qualitative reasons. This risk-based approach enables the client to make informed decisions concerning adjustments to vendor recommended spare parts.
Interested in learning more? Reach out to us with your questions.