A New Approach to Spare Parts Inventory Management

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Equipment failures can lead to production downtimes, which can cost businesses dearly. Readily available spare parts reduce downtime — but procurement teams often overstock their inventory, which expends capital and increases inventory management demands. This new GEP white paper outlines a scientific method – based on reliability engineering principles – for optimizing inventory and minimizing downtime. It also discusses how to deal with excess inventory and manage implementation of the new policy.

A New Approach to Spare Parts Inventory Management