A lot of money is invested into stocking spare parts. But why?

Often there are two main drivers. The first driver is to have a sense of comfort in knowing parts will be available to fix something when it breaks. The second is more strategic, with the driver being able to say “when something breaks, we can fix it rapidly and get things back online as quickly as possible.”

However, it is a large expense to carry material—especially when some parts have shelf lives and require their own maintenance. What can you do to make sure an investment in spare parts is well spent? We recommend performing a spare parts analysis.

A spare parts analysis will make sure you’re sparing the right things. You don’t want to rebuild the entire facility with parts—that would be incredibly expensive. Instead, you need first focus on what parts are required for critical equipment, and then focus on which parts are required for high demand—things that will be fast-movers that you don’t want to order every week.

In addition to a spare parts analysis, you should also consider implementing a proactive maintenance program, which will help preserve the life of the existing equipment. With a proactive maintenance program, you won’t need as many parts because you will be able to predict when parts will be needed in the future and can order them when needed as opposed to having them sit on a shelf.

Hear more on the topic as Brad Moore, Senior Project Manager, and Walter Sanford, Executive Reliability Advisor discuss spare parts optimization as a maintenance strategy. In the video, they answer how spare parts can be used as consequence mitigation and the potential ROI that can be achieved by optimizing spare parts.

Interested in completing a spare parts analysis?