Inventory Optimisation Solutions in Service Spares Management
In inventory management — especially in a service spares management environment — the ideal solution to maintaining serviceability is to have the right parts, at the right time, and at the right place.
To achieve this solution, inventory managers all too often choose to be cautious when it comes to determining service spares inventory levels. Over time, these “inventory cushions” build up, and a lack of inventory controls can lead to immense amounts of unused inventory, which ultimately translates into a loss not only of serviceability (having the wrong parts) but also finances invested in aging inventory and ultimate liquidation.
In high-tech manufacturing or a high-tech service support environment, the continual challenge is to put a proper value on a component, if that component represents a shortage or excess situation. As the valuation of technology spikes or dips, respectively, organizations without optimized inventory levels run the risk of paying too much to procure components or recovering too little for excess inventory when inventory is liquidated.
REL’s inventory optimization solutions can add predictability to the planning process by analyzing frequently obtained data points and the evolution of inventory levels, all measured in real time. Combined with lean planning principles, this process ensures that an organisation is investing its resources in the right inventory at the right time.