With spare parts inventory, the real problem is that essentially all spare parts inventory stocking problems are really forecasting problems.

Very few companies have put much thought into the processes of removing obsolete items from the inventory and disposing of them. Yet this task is fundamental to managing spare parts obsolescence and, by extension, is fundamental to spare parts inventory management.

The concept of the invisible hand could be applied to almost any modern item but in this context let’s think about spare parts.

For most asset-intensive companies, spare parts are like the air we breathe.

One of the major problems with managing spare parts inventory is that many people consider it to be a task-oriented function.

Whether to standardize equipment and spare parts is one of the enduring debates of engineering, maintenance and spare parts management.