SIMO - Spares Inventory Management and Optimization
Balancing spares demand and supply
SKF SIMO process aims to help plants to reduce spares inventory costs whilst minimizing stock-out and satisfying spares needs for production availability. In addition, it can help to overview the status of current asset management from spares consumption point of view and pinpoint which spares on which assets have abnormal short lifetime; RCA - root cause analysis can then be conducted and improvement measures can be deployed; as a result, spares consumption will be reduced and the spares inventory can further be reduced.
SKF SIMO process is based on the principle of balancing demand and supply and a four-steps approach:
- Step 1: Spares identification;
- Step 2: Spares forecasting;
- Step 3: Inventory rationalization;
- Step 4: Inventory optimization