Applying the marginal analysis principle of economics can determine whether or not the investment will prove worth its cost. 

Everyone reading this will have no doubt heard the expression, “what gets measured, gets managed” – or something similar. The original quote usually is attributed to Peter Drucker’s 1954 book The Practice of Management. 

What do chatbots, self-driving cars, and predictive maintenance have in common? 

Why is it that, despite the best efforts of management teams, the vast majority of spare parts inventories remain bloated with excess, surplus and obsolete items yet don’t provide the level of service expected by users?

Spare parts inventory must be understood backward, but it must be planned forward.

It is almost impossible to be successful in any activity if you don’t fully understand the rules that govern success. By rules, I mean the way different elements of the activity interact and influence each other in order to achieve your goals. 

Three-dimensional (3-D) printing — or more correctly, Additive Manufacturing (AM) — has the potential to change everything with respect to spare parts inventory. As the technology develops, people will be able to manufacture parts at almost any location, at any time they choose.