Fortune Global 500 manufacturers experience losses equivalent to 11 % of yearly turnover
US $ 1.5tr due to unplanned plant downtime questions when developing an effective spare parts inventory management strategy. Foremost among these is whether they have enough spares on-site and that they are the right spares profile.
From here, further questions can be asked over whether a test interval is required for these spare parts and, importantly, whether they will work if needed. Clearly, availability and accessibility of correct working spare parts is critical should something fail on a plant.
However, holding spare parts is costly and managing the inventory can pose even bigger challenges. Are records up to date? Do parts get replenished when used? These are questions that must be addressed.
134 May 2025