MANAGING AND OPTIMISING SPARE PARTS INVENTORY

OVERVIEW

Effective spare inventory management is critical for maintaining physical assets, particularly in a maintenance, repair, and operational (MRO) environment. It encompasses the processes an organisation employs to ensure the optimal and timely availability of spare parts to meet maintenance demands. In today’s business climate, spare inventory management must be viewed as an integral component of maintenance operations, directly influencing both operational efficiency and business objectives.

Simply reducing inventory is not a viable solution. The availability of spare parts directly impacts asset uptime and operational effectiveness. However, maintaining high spare parts availability comes at a significant cost. Spare parts inventories can include tens of thousands of items, with their total value reaching hundreds of millions of ringgit.

The absence of critical spare parts can have severe consequences, leading to extended equipment downtime and disruptions to maintenance schedules. This results in decreased productivity and resource inefficiencies. The challenge lies in striking the right balance between operational expenses, working capital, and spare parts availability. Organizations must maintain adequate stock levels to prevent production delays while minimizing costs—this is where effective inventory management and optimization play a crucial role.

This two-day course, structured into eight comprehensive modules, equips participants with the knowledge and tools necessary to efficiently manage spare parts inventory. Participants will learn strategies to increase spare parts availability, prevent stock-outs, and achieve high levels of inventory accuracy.

By the end of the course, participants will gain practical insights into reducing spare parts holding costs and leveraging analytical skills to enhance inventory control. They will also develop proficiency in using key performance indicators (KPIs) and metrics as effective control tools, enabling them to refine their spare inventory management practices for improved operational efficiency.

LEARNING OUTCOMES

By the end of this workshop, participants will be able to:

√ Learn the importance of spare parts management
√  Learn about managing Inventory-Related Costs
√  Avoid purchasing the incorrect spare parts
√  Learn how to prioritise the most critical spare parts needed
√  Learn the best practices for optimising warehouse or general store inventory
√  Understand how to build accurate Bill of Materials (BOMs)
√  Understand how to rationalize the inventory to reduce the high holding cost
√  Have a clear visibility on what stock needs to hold vs what stocks are needed
√  Learn how to overcome the challenges when sourcing for obsolescence spare parts
√  Learn how to develop an effective Spare Part Program
√  Understand how to measure the effectiveness of the implementation of the spare parts system using various types of Key Performance Indicators.

WHO SHOULD ATTEND?

Maintenance Managers/ Executives, Production, Managers, Process Managers, Executives, Engineers, Supervisors, Technicians, Inventory Control, Quality Control, Purchasing Departments, Logistics and Warehouse Management Personnel.

COURSE BENEFIT

This spare parts inventory management course seeks to reduce the various costs associated with obtaining stock. It is feasible to reduce holding costs by identifying spare parts that can arrive just in time for scheduled work. It is critical to have access to the proper replacement parts at the right time in order to maximise equipment uptime. Given that businesses must spend money on inventory, a well-thought-out inventory management plan may reduce waste that does not provide actual value to the firm.

TRAINING METHODOLOGY

Participants will learn by active participation during the workshop through the use of short lectures, practical exercises, group discussions, case studies and presentations.

TRAINING DURATION

Full 2 days training  (9:00 am-5:00 pm)

HRD CORP REGISTERED PROGRAM ID NOS

10001284787

PUBLIC PROGRAM COURSE FEE
Single Registration – RM 1,480.00 nett per participant

Group Registration – RM 1,100.00 nett per participant
(For 4 participants or more from the same organisation)

(The fee covers training materials, lunch, coffee/tea, snacks, supplementary notes, a detailed training report with assessment and a Certificate of Completion)

IN-HOUSE TRAINING ENQUIRY

For more information regarding our In-House/ Public Program courses, please email us your inquiry at [email protected]
or to speak to our Sales Consultant at + 604- 297 6881 or 011-1289 6881.

For public program schedules, please visit our website: www.progresslink.com.my

Register with us today! Training fees are eligible for claims under the HRD Corp Claimable Courses scheme.

REGISTER ONLINE