ONLINE: GUARANTEED SAVINGS MRO Spares – Optimize Stock Levels, and Reduce Inventory Costs

Virtual instructor-led (VILT)

11th Jan, 2021 - 13th Jan, 2021

1 Participant

12:30 – 16:30 (GMT+8)

2 or more

4 Hours/Day

Early Bird Fee

USD 1399

ONLINE: GUARANTEED SAVINGS MRO Spares – Optimize Stock Levels, and Reduce Inventory Costs

Use Successful and proven new methods and analysis techniques to effectively reduce inventory and costs of spares part and provide additional exercises using the optimization techniques.

Overview

This practical newly structured 3-day Virtual Instructor Led Training (VILT) covers many aspects related to reducing inventory and costs of spares parts and is supported by case studies, software and practical exercise to aid understanding. The techniques allow you to immediately apply them in your organization and start to reduce costs. The workshop focuses on 6 main themes to support cost reduction:

  • Improving Processes & Procedures
  • Achieving Spares Standardizing & Rationalization (standardizing, removing duplicates, identifying OPMs, removing unwanted items)
  • Reliability Principles that impact spares usage
  • Conducting Spares Optimization (right replenishment strategy and the right stock control levels)
  • Developing KPIs at line item level

Excel Analysis worksheet containing all formulae will be provided to conduct an audit of your current inventory parameters whether you use ROP or Min-Max Control. Different techniques will be used for normal operating and consumable spares and slow-moving spares. This virtual Instructor Led Training (VILT) has a new structure designed to focus more to reduce stock levels, spares costs and stocking costs - and provide additional exercises using the optimization techniques in addition to how to improve CMMS spares master data cataloguing.

There are very few courses conducted that deal with the practical issues, optimizing spares and stock reduction. After this course, delegates will leave the workshop with tools and techniques that they can immediately apply in their own companies and start to reduce costs.

Designed For

Industry benefited from this course: Semiconductor, Electronics, Oil & Gas, Aviation, Automotive, Ports and Terminals, Timber, Furniture Maker, Solar Panels Manufacture, Food & Beverages, Cement, Plastic, Petrochemical, Chemical, Power Utilities, Water treatment, Steel, Marine, waste management and many more.

  • Buyer / Finance / Purchasing /Category / Cost Control
  • Purchasing & Logistics
  • Maintenance / Planners / Project / Production / Manufacturing
  • Mechanical / Electrical
  • Materials /warehouse/store personnel /Logistic
  • Anyone involved in cost control for spares and materials
  • Project and Design Engineers who have an interest in how to minimize risk and costs of spare part inventories.
  • Engineers responsible for specifying, buying spares and setting up the spare’s information in the CMMS.
  • Benefit to companies who: Want to audit their spares master data quality or Need to upgrade their CMMS or implement a CMMS for the first time / Want to reduce inventory levels and costs.
  • Previous Attended Job-titles: Inventory Management, Maintenance Department , Equipment Engineer, Warehouse , Maintenance mechanical, Category (MRO), Manufacturing, Engineering Maintenance, Mechanical, Inventory Planner, Inspection & Data Management, Production , Material / Material analysis / Material logistic, Spare part management, Instrument & Control, Maintenance & Reliability , Buyer , Finance, ME Cost Management, IDM COST CONTROL & PLANNER, Procurement & contract, Planner / Planning , Reliability, Store controller / Storekeeper, CMMS coordinator, Supply chain management , Electrical, Data control, Plant Engineer, Equipment Analysis and Central service Manager, CTA/E E&I Maintenance, Maintenance Central Store & Project Warehouse and many more.

You will Learn

  • Introduction to Spares Management
  • Inventory Cost Reduction Techniques (Part 1)
  • Understand Different Spares Costs
  • Introduction to Reliability Theory
  • Challenge Vendors Recommended Quantities
  • Setting of Re-Order Points, Safety Stock
  • How Many to Order? Determining the EOQ
  • Auditing Current ROP Inventory Parameters Effectiveness
  • Alternative Strategies
  • Database Tools versus MS Excel
  • Critical Spares Review
  • Inventory Cost Reduction Techniques (Part 2)
  • Course Review & Delegates Action Plans

Outline

  • Understand ISO55000 and what it means for inventory management
  • The different costs associated with spares management
  • Learn techniques to improve reliability resulting in less spares usage
  • How to select the right inventory policy for fast- and slow-moving parts
  • How to evaluate safety stocks scientifically
  • How to determine how many to buy and what to do when the EOQ does not work
  • Learn strategies to minimise stock
  • How to conduct a Critical Spares Analysis
  • How to measure inventory performance
  • UNDERSTAND the different meanings of ROP for SAP Users (New material to reflect SAP methodology)

Instructor

  • Showed how a Chinese Chemical giant could save $500,000 in inventory stock level from just 10-line items.
  • Taking the highest annual consumption and taking conservative approach we demonstrated $12,000 savings on one spare selected at random, this was much more than the cost of the training.
  • Analysed a company’s BOMs in SAP. Showed a high % of equipment with no BOMs and a high number of spares not assigned to BOMs. This analysis also supported the management of obsolete spare programme.
  • Reviewed the MRO data cleansed by a Canadian Consultant, showed how not only was the cleansing poor but they did not identify 15% of duplicates.
  • Developed and implemented MRO Inventory & Warehouse Audit Process at 4 large Pharmaceutical sites in Europe, highlighting weaknesses in management practices and issues leading to excess stocking.
  • Developed the following tools to support effective MRO spare part management: MRO_Master Data Auditor / MRO_Master Data Cleanser / MRO_BOM Builder and Analyser / MRO_Optimiser/ MRO_Management Practice Auditor.

Online – Virtual instructor-led

Delivery of Virtual Session

The virtual session will be delivered online comprising 12 sessions of 2 hours per session, with 75 minutes allocated for presentation and 45 minutes of Q & A. Participants can submit questions prior to or during the session.

  • The access to the virtual platform can be via any devices (laptop, mobile phones or notepads) with good internet connection, from anywhere in the world. However, it is highly recommended to use your laptops / desktops for better understanding of the content to be presented.
  • You are highly encouraged to be interactive during the virtual session.