When it comes to maintaining an inventory of spare parts on hand many companies are reluctant.   There are quite a few in management that wonder if it is counter intuitive while trying to control operating costs.  The goal of all businesses, not just manufacturing, is to reduce expenses while increasing efficiency and many don’t see how keeping spare electrical components on hand helps achieve this goal.  In this installment we will look into how having an inventory of parts on hand eliminates downtime and increases overall effectiveness without extra expense to the company.

Inventory Management

By incorporating spare part management into plant operations managers can successfully create an environment where downtime, caused by machine failure, is practically eliminated.  The biggest struggle in spare part management is creating an inventory.  In order to do this effectively, it is crucial that the maintenance records of machinery are thoroughly gone over, and critical part breakdowns are identified.  Once this has been completed there you will be left with an idea of what spare parts are needed to comprise a complete operational spare part inventory.

Don’t forget when creating an inventory list to check into refurbished parts and components.  Many older pieces of equipment have become obsolete however this doesn’t mean that you can’t find parts to repair them.  Many times, obsolete equipment can be repaired using parts that can be found through companies specializing in obsolete refurbished electrical components, such as J & P Electrical Company, https://www.jpelectricalcompany.com.

Strategy of Operations

Determining whether you will function as a predictive or reactive position plays a large role in the replacement part stock that you will keep on hand.  Most manufacturers are historically known for being reactive to events like equipment failure.  In order to successfully create a functional spare part inventory, facilities must turn their focus on a more predictive approach to machine maintenance and failure. Successful predictive spare part management will include the collection and analysis of data, the ability for managers to see the operation as hole in which they foresee underlying problems and find solutions.

Inventory Control

Don’t think that your spare part inventory has to be all-encompassing to be effective. In reality that is an unrealistic goal to achieve.  Instead develop an inventory that is categorized by priority.  Recognize parts that can be used for more than one purpose, those that are critical to your operation, and those critical to a specific piece of machinery.  This needs to be revaluated on a regular basis to make sure that as new machinery is introduced they aren’t forgotten.

J & P Electrical Company is a full-service electrical company that supplies contractors, end users, and supply houses with new surplus, quality reconditioned, and obsolete electrical equipment. We purchase a wide range of electrical equipment such as bus plugs, bud ducts, panel switches, substations, and transformers.  More information can be found at https://www.jpelectricalcompany.com

Asset recovery is the specialized technique that allows companies to go into facilities and complete electrical tear downs and manufacturing plant clean outs.  Companies specializing in asset recovery take resources that are no longer being utilized and resell them after they are put through the reconditioning process. This technique allows materials that would be normally disposed of and allows them to be sold.  Electrical surplus recovery companies do complete manufacturing plant clean outs, taking materials that are going to otherwise be disposed of and turning them into usable assets.  Below, we are going to look at the definitions that one should know during asset recovery and purchasing electrical components that are new, used, recycled, or refurbished.

Recycling:

Harmful materials and disposal costs of material waste can be reduced with recycling.  In the recycling process materials are converted during plant clean outs, generating income as well as preserving resources.

Reuse:

Equipment and electrical components often can be reused in other manufacturing facilities after a plant is closed.  Re-using equipment allows older equipment to be replaced with internal resources before the need arises to make an external purchase.  If the equipment is not currently needed but could be used in the future can be put into storage for later use.  Reusing idle equipment helps companies reduce depreciation, taxes, and capital.

Reconditioning:

This process begins with electrical components and machinery that has previously been used.  Companies recondition components by taking them completely apart and rebuilding them.  This process is done often during plant clean outs as a way of generating capital.  Components are refurbished and sold to other users at a discounted price.  The process of reconditioning reduces waste and allows companies to offer like new components for resale.

Reclaiming:

This process involves solvents, chemicals, lube oils and more that have been used to be reclaimed and reused, most often in a manner in which they weren’t initially used.  This allows companies to cut down on waste while being environmentally friendly.

Reselling:

When used or reconditioned surplus inventory is sold.  This occurs when it is no longer viable or useful to the company and there is no reason to store it for reuse later on.

These processes keep companies from literally throwing money away in dumps.  Manufacturing plant clean outs allow materials to be reconditioned or sold as used through electrical surplus recovery shops.  Companies that go in and process industrial plant clean outs greatly help companies recover capital from their previous investments.  It is important to extract every bit of value out of your initial investment.

Learn more about J & P Electrical Company and their vast line of new, surplus, and refurbished industrial electrical components including: circuit breakers, bus ducts, bus plugs, disconnects, fuses, panel switches, tap boxes, and transformers at www.jpelectricalcompany.com.  To contact one of our product reconditioning specialists, call 877.844.5514 today.