Smart Inventory Solutions. Phillip Slater

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9-3Pareto Principle Case Study A

       9-4Pareto Principle Case Study B

       9-5Summary of When to Apply Which Action

       9-6The Process Acts as a Decision Making Filter

       9-7The Step-by-Step ICR® Process

       9-8Typical Inventory Review Spreadsheet

       9-9An ICR® List Sorted by Bin Value

       9-10Example Cumulative Value Curve

       9-11An Expanded Spreadsheet

       9-12The Completed Spreadsheet

       9-13Software Makes It Easier to Track the Process

       9-14Identify the Long Tail of Items that Add No Value

       9-15Identifying the Over Stocked Items

       Chapter 10: Execution: Taking Action to Achieve Results

       10-1The Inventory Review Champion ‘Sweet Spot’

       10-2The Sequence of Activity for an Inventory Review Program

       10-3Inventory Program Reporting Template

       10-4The Stock Decision Checklist for Engineering Inventory

       10-5The Stock Decision Checklist for General Inventory

       Chapter 11: Case Studies

       11-1Four Stages Implementation Process

       11-2Communicating Procedures

       11-3The Process Implemented

       11-4Pareto Results for Two Locations

       11-5Example of Inventory Tracking ‘Dashboard’

       11-6Initial Results

       11-7Results Achieved Over Time

      Phillip Slater is a leading authority on materials management and specifically, engineering spares management. He regularly speaks at Engineering and Asset Management conferences, writes articles for magazines worldwide, and provides services to a diverse range of clients globally. He has also authored several books.

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      With nearly 25 years of operational improvement experience Phillip Slater provides a broad combination of skills and experience.

      Phillip has been leading organizational turnarounds in maintenance and operations since he was 24 years of age and, as a result, was rapidly promoted through maintenance into operations and then executive management.

      A desire to ‘do his own thing’ led Phillip to leave it all behind in 2001 to start his own company, Initiate Action. Over the years Phillip has helped many companies improve profits, increase reliability, and reduce working capital in many different industries and at least a dozen different countries.

      Now Phillip utilizes the expertise and experience built up over nearly 25 years to assist select clients in operations improvement and inventory optimization.

      Through his company, Initiate Action, Phillip also licenses his intellectual property and processes to other companies for software development and service delivery.

      You can find further details on Phillip’s services at www.PhillipSlater.com.

      Albert Einstein is reported to have said ‘The important thing is to not stop questioning.’ The most obvious question to ask when considering a second edition of a book is: Didn’t you cover this topic in the first book? The answer to this question is both yes and no.

      Yes, because the first book covered the Inventory Cash Release® Process and has subsequently helped thousands of people better understand that process.

      No, because, through application, processes evolve and the needs of the readers evolve with them. It seems that publication of the first edition of Smart Inventory Solutions raised as many questions as it answered!

      Question like:

      •How does this relate to how my store room functions?

      •Where does classic inventory management theory come in?

      •What steps do I take next?

      •How do I recognize a good consignment deal?

      And so on.

      It is now more than four years since I wrote the first edition of Smart Inventory Solutions and during that time I have continually answered the follow-up questions that have been asked by readers, workshop attendees, and clients. This has resulted in a whole body of work that was not widely published. As this body of work related directly to the issues raised and processes discussed in the first edition, it seemed an obvious move to publish an updated second edition.

      This second edition, therefore, is not just a minor review but a complete rewrite with many new sections, tables, and diagrams — in fact, the content has nearly doubled.

      Like the peeling of an onion, I fully expect that this edition will produce still further questions; I welcome any feedback from readers on issues and queries that this book provokes for them.

      Keep on improving,

      Phillip Slater

       Chapter 1

       Introduction to Smart Inventory Solutions

      The optimization of materials and spare parts holdings has, for many years, been a goal of inventory managers, operations managers, and financial managers. This is particularly so in industries with significant investments in these types of inventory and is often driven by both a need for operational support and a need to free up working capital. The benefits that come from achieving materials and spares inventory optimization are such that the business case for action is irrefutable.

      The problem is that, until now, the techniques that have been applied to achieve the optimization of this inventory do not result in a truly optimal outcome. At best they provide short-term

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