Innovative System Fills Expensive Gap in Spare Parts Management

May 19, 2014, 10:44 ET from MaxUp Advantage

LAS VEGAS, May 19, 2014 /PRNewswire/ -- Inventory management constitutes one of the largest investments on the corporate balance sheet. Yet research shows that the majority of spare parts that companies keep on hand are inactive, non-critical or obsolete. Many of those held in excess are likely to never be used. Research also indicates that nearly a quarter of the spare parts that companies need most are not regularly held in inventory, resulting in expensive spot buys and expediting charges.

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MaxUp Advantage is a specialized system for identifying and managing critical spare parts and machinery. It is designed to fill in gaps in most ERP, CMMS, and Spare Parts Management Systems. The unique features of this system provide:

  • Appropriate replenishment level algorithms specifically designed for spare parts inventory.
  • Criticality levels of parts to determine what needs to be stocked.
  • Association of parts to equipment and identification of machine criticality levels.
  • Probability of part failure to proactively schedule predictive maintenance.
  • Specialized spare parts suppliers many of which provide OEM equivalent parts.
  • The ability to upload existing inventory to identify potentially critical parts, excess and insufficient stock levels.
  • Better management controls for repair and warranty parts

MaxUp Advantage is a broadly adaptable product specifically designed by reliability engineers to manage inventory efficiently and minimize downtime. Companies that have implemented Max Up Advantage see immediate results:  active spare parts inventory optimized, obsolete inventory identified, and spot buys decreased.

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SOURCE MaxUp Advantage