Posts made in May, 2019

Better Spare Parts Management Strategies

»Posted by on May 31, 2019 in Fastener Supply | 0 comments

Many companies are stumped when it comes to finding spare parts for their own machines or the products that they offer in the market. If your business is experiencing the same struggle, then the solution is spare parts management.

Spare parts management is the process of finding the best suppliers of the parts that you need most, either to run your business well or keep your company’s high customer retention rate. Outsourcing the parts you need not just from one manufacturer but several is the key to ensuring that your inventory is always full. However, managing orders from different suppliers can be very difficult. Here are some strategies that can help you make such a task so much easier.

1. Understand the supply chain.

It won’t help to order all service parts in one go. You have to understand which parts have higher demand and which ones aren’t. It all boils down to understanding what parts you need most and what you don’t a lot of. This data won’t come readily unless you do a research first. You can also collate inventory data along the way. But the best thing to do for businesses that are just starting out is to ask the supplier for management assistance, as they have more experience in serving companies in the same industry.

2. Keep proper documentation.

Managing spare parts inventory is never easy, so you need proper documentation to help you out. Your stocks of spare parts rarely include service demand, just the anticipation of it. It’s essential to keep a proportional investment in the right stocks or else you might be losing money on parts that you don’t really need. Inventory documentation makes things easier, especially if you need to determine shortages. You’ll also want to know how long it takes to replenish some parts so you can adjust the time and day that you order them. Documentation helps so much in the planning stages.

3. Frequently check the stocks.

Controlling the stocks is a very important move. While this may mean that you’re micromanaging, think of it more as protecting your business image and productivity levels. Manually check your stocks of spare part in a regular manner. Do note that some parts are tagged as a financial risk, so you don’t want to lose money simply by losing stocks. Be sure that everything is under control.

4. Monitor the delivery.

All delivery of spare parts should be monitored. You don’t want delays on parts that have a high demand for. You specifically need to perform this step when your company is launching a new service or product. You must meet all production deadlines and there should be a flawless logistics plan. Otherwise, the launch may not be as successful as you want it to be.

When it comes to spare parts, a good company to trust is BDS Fastener & Supply. They carry a wide array of quality parts for different industries and you’ll most likely find what you’re looking for in their inventory. Check them out today.

read more