Reliability | Evan Powell on Smarter Spares: Demand & Driven Inventory for Reliability Leaders

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Factory Futures

14 episodes

4 days ago

Welcome to the Factory Futures Podcast! Join us as we dive into the world of innovation and best practice in manufacturing. We sit down with industry leaders in reliability, operations, and production with a mission to uncover the new technologies making a real impact, driving performance, and enhancing profitability of your site. We explore the leadership journeys of our guests, learning from their challenges, and gain from their insights. Subscribe on your favourite app to stay ahead of the curve with our latest episodes. Thanks for listening, and enjoy the show.

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Reliability | Evan Powell on Smarter Spares: Demand & Driven Inventory for Reliability Leaders

Factory Futures

49 minutes 32 seconds

1 month ago

Reliability | Evan Powell on Smarter Spares: Demand & Driven Inventory for Reliability Leaders

Get Evan's free tools : https://www.evanpowell.com.au/

Connect with him : https://www.linkedin.com/in/evanpowell90/

Summary

In this episode, Evan Powell shares his expertise on spares management, discussing the common challenges faced by reliability and maintenance teams. He talks about the importance of understanding the problem with spares, taking control through a structured framework, and implementing demand-driven purchasing strategies. The conversation also covers the significance of review cycles for continuous improvement and the potential future integration of AI in inventory management. Evan provides actionable insights for site leaders to optimise their spares strategy and improve overall operational efficiency.

Chapters

2:00 Introduction to Spares Inventory Management

11:40 Understanding the Challenges of Spares

20:30 Frameworks for Effective Inventory Control

25:03 The Relay Race of Information Transfer

29:45 Demand-Driven Purchasing and Its Impact

30:04 Preventive Maintenance Planning

34:13 Review Cycles for Effective Inventory Management

39:50 Aligning SOP Processes with Spare Parts Strategy

43:32 Advice for Site Leaders on Spare Strategy

45:06 The Future of Spares and AI Integration

Takeaways

Spares inventory often has a long tail with 95% of usage coming from 5% of items.
Understanding the criticality of parts is essential for effective inventory management.
Daily review cycles are crucial for managing replenishment and inventory control.
Work orders should drive the demand for purchasing inventory.
Visual management of inventory data can facilitate better decision-making.
Engaging vendors in the inventory management process can lead to better outcomes.
Preventive maintenance should be integrated with inventory management strategies.
Regularly reviewing inventory usage helps in optimizing stock levels.
AI can enhance predictive maintenance but requires quality data to be effective.
Creating a culture of collaboration between engineering and supply chain teams is vital for success.

Keywords

spares management, inventory control, demand-driven purchasing, maintenance strategies, engineering teams, supply chain management, criticality assessment, review cycles, AI in inventory, optimization