This session is designed for Maintenance and Reliability teams to learn best practices and strategies for effective MRO inventory management, and to understand the principles of spare parts optimisation in a maintenance repair and operating (MRO) environment. This includes how to optimise inventory levels, demand for the spare (preventive and corrective maintenance), reduce waste and obsolescence, alternative solutions to holding spares, improve supplier relationships and leverage technology. By the end of this session, you will be able to apply these concepts and tools to your own MRO inventory management challenges and improve your company's performance and profitability.

Key challenges that will be addressed include:

• MRO is to reduce RISK at the lowest possible COST - this is an important fact that needs to be understood
• Cataloguing materials - this is a poorly developed process in most companies; everyone is looking for the silver bullet
• Finding and removing Duplicates (hard cash savings) - pure waste and frustrating for the Maintenance Teams
• Reduction of Free-Text spend - FT spend is almost never negotiated; by passes inventory and purchasing
• Criticality Calculation - usually very emotional causing high stock levels
• Stocking requirements - everyone wants EVERYTHING stocked, just not possible, so what gets stocked
• Reorder Point (ROP or MIN) Calculation - rarely do companies apply logic when setting and reviewing ROP’s and this is an EXPENSIVE mistake
• Reorder Quantities (ROQ) application - purchasing is an expensive exercise when not done well; ROQ’s help to reduce cost
• Stock Accuracy and Cycle Counting - for the maintenance teams to trust inventory management, stocks MUST be accurate
• Impact of Squirrel Stores - everyone has them and they are like a cancer!
• KPI’s& Metrics - what gets measured get improved!

Attendees will leave this session with tangible tools and takeaways which include:

• Sample Calculators
• Material Review Template
• Cycle Counting Calculator
• Sample Cataloguing Template (Taxonomy)