The Nine Keys to Maximizing Profits and Equipment Uptime through Inventory Management for Maintenance Parts

2011

We will present the summary of a number of case studies in which mining organizations have succeeded in maximizing equipments uptime through a reduction of the number of maintenance parts stock outs by 80% while reducing the inventory of maintenance parts by more than 20%. We will present a very comprehensive methodology to improve business processes that will lead to the optimization of inventory management and forecasting. We will examine • Demand management optimization • Forecasting optimization • Inventory management parameters optimization • Improved replenishment processes • Inventory optimization followed by the right KPIs and exception reports We will illustrate with examples from Areva in Africa, Iamgold in South America as well as Osisko and Aurizon Mining in North America. We will discuss World Class Inventory Management practices in a maintenance environment. We will present how an integrated approach involving a strong Enterprise Asset Management or CMMS system with an Inventory Optimization system specially designed to manage spare parts can deliver concrete results.

Keywords: Maintenance, Spare Parts, Inventory