Reducing Costs through Spares Optimization and Rationalisation

The main objective of this training program is to empower professionals with details to understand the following main topics:
• Maintenance store operations
• Types of inventories
• Tools and techniques to optimize inventory
• How to ensure availability of parts and materials on time
• Key performance measures
Course Content
Introduction
• The role of maintenance in organization productivity
• Maintenance and Profitability
• Maintenance organization “Classification of Roles in Maintenance”
• Elements of asset management
• Benefits of good stores and Impact on maintenance
Activity: Evaluate your stockroom
Inventory Management: A Deeper Dive
• What’s inventory management?
• Inventory management Vs Warehouse management
• Kinds of inventory
• Manage vendor and supplier relationships
• How do I calculate my safety stock?
• What’s my reorder point?
• How can I calculate my inventory turnover?
• Understand economic order quantity (EOQ (and minimum order quantity (MOQ)
Basics of Cost Management
• Elements of cost
• Cost classification
• Direct & indirect
• Variable & fixed
• CAPEX & OPEX
• Cost estimation and analysis
• Major influences on pricing decisions
• Pricing and vendor selection
Types of Inventories
• Safety stock
• Active inventory
• Infrequently used inventory
• Rarely used inventory
• ABC Analysis (Inventory Stratification)
Physical Layout and Storage Equipment
• Warehouse and Storeroom design
• Storage Equipment
Optimizing Tools and Techniques
• Computerized Inventory Control System
• “Shelf Life” Management and PM Plan for Stored Items
• Inventory Accuracy
• Parts Kitting Process
• Lead time
• Total Inventory Costs
• Carrying cost
• Ordering cost
• Stock-out cost
• Economic Order Quantity (EOQ)
Store Room and Warehouse Performance Measures and Indicators
• Metrics and KPIs – Preface and introduction
• Why measure performance?
• Performance evaluation and control
• KPIs; Business context
• The value added by KPIs
• Stock control KPIs
• Stock level
• Service level
• Jobs waiting
• Other measures

Methodology
The training methodology integrates lectures, interactive discussions, collaborative group exercises, and illustrative examples. Participants will acquire a blend of theoretical insights and hands-on practical experience, emphasizing the application of learned techniques. This approach ensures that attendees return to their professional environments equipped with both the competence and self-assurance to effectively implement the acquired skills in their responsibilities.

DATE:

1ST BATCH:        28th – 30th Apr, 2025     

2ND BATCH:       11th – 14th Nov, 2025