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Stamp Inventory Spreadsheet– Inventory Control of Maintenance Parts

It is common in internal and external meetings, in which maintenance is involved, to hear that the required spare parts in the warehouse are not available. Experience has shown us that many of these problems are really due to low quality problems in condition monitoring, failure reports, planning and / or programming. However, we must not hide that the inventory control for maintenance spare parts does not always fit your needs.

In industries, production inputs are the most critical in inventory control. They have a high and immediate impact on the business in case of shortages. This is why inventory personnel use inventory management models designed for this type of materials. However, these models do not apply to most maintenance parts.

This article allows you to better understand the problem and how to solve it in a practical way. Start by explaining the basic concepts of inventory management, which you may already know. Subsequently, it shows a classification of the types of consumption of the maintenance spare parts. Finally, it exposes the way to carry out the inventory control of the maintenance spare parts according to the type of consumption they have.

Stamp Inventory Spreadsheet

Stamp Inventory Spreadsheet

Stamp Inventory Spreadsheet

It is common in internal and external meetings, in which maintenance is involved, to hear that the required spare parts in the warehouse are not available. Experience has shown us that many of these problems are really due to low quality problems in condition monitoring, failure reports, planning and / or programming. However, we must not hide that the inventory control for maintenance spare parts does not always fit your needs.

In industries, production inputs are the most critical in inventory control. They have a high and immediate impact on the business in case of shortages. This is why inventory personnel use inventory management models designed for this type of materials. However, these models do not apply to most maintenance parts.

This article allows you to better understand the problem and how to solve it in a practical way. Start by explaining the basic concepts of inventory management, which you may already know. Subsequently, it shows a classification of the types of consumption of the maintenance spare parts. Finally, it exposes the way to carry out the inventory control of the maintenance spare parts according to the type of consumption they have.

Basic Concepts of Inventory Control
1. Economic Quantity of Order:
EOQ chart

Corresponds to the optimal amount to buy each time there is a need for refueling. It is calculated by minimizing the total costs that result when adding the costs of storing, managing the purchase and value of the spare part:

EOQ formula

Where:

EOQ: Economic order quantity. Economic Order Quantity in English.

D: Annual Demand.

S: Fixed cost of placing an order. That is, the cost of processing the order. It can be calculated by adding up the cost of the administrative staff and the resources devoted to the supply processes, and then dividing it by the total number of purchase orders that they prepare.

i: Percentage of the total inventory cost corresponding to storage. That is, storage cost divided the total cost of inventory.

k: Unit cost of the product on site. That is, including logistics and nationalization expenses.

You can find more information about EOQ in the following link: economic order quantity.

2. Replacement Point:
The replacement point is the value below which the inventory control system should generate a purchase request for the replenishment of the spare in question:

ROP and Lead Time

Additionally, for those who wish to deepen in these topics, they will find interesting the following link: point of replacement. Note that there are several methods of calculation of the ROP, of all of them the second of the previous link is recommended. The simplest method only includes average consumption and replenishment time. This has a very serious problem, by not taking into account the variability of consumption, half of the months consumption will be greater than expected and may generate frequent shortages.

3. Maximum Quantity in Stock
Some inventory control systems allow the use of the Maximum Quantity in stock instead of EOQ. In those cases, it must be calculated by adding the EOQ and the ROP, but subtracting one: Formula maximum amount

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Tag; Stamp Inventory Spreadsheet, Inventory Spreadsheet

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