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In this article, we will analyse the main techniques useful for optimising the management of spare parts inventories for the extensive hydraulics business sector, as well as the effect this can have on company costs. And to do so, we will use the ‘Toyota model’, an established and considered best practice in this regard.<\/p>\n
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A necessary premise is that, whatever the stock part under consideration, it must always be financed – i.e. purchased and kept in stock for an undefined period – by allocating financial resources. Therefore, an important result of optimal stock management is that it results in a reduction of invested working capital:<\/p>\n
\tin the possibility of allocating the freed resources to other business projects;
\n \tin an increase in company profitability.<\/p>\n
<\/p>\n
Given the importance of such optimisation, there is usually a tendency to exert pressure on the maintenance sector of a company, which is directly involved in stock management. The purpose of this pressure is to keep stock purchases to a minimum, precisely in order to reduce the cost impact of stored goods. Furthermore, it must be emphasised that the pressure exerted on personnel is also aimed at reducing moral hazard or adverse selection behaviour manifested in:<\/p>\n
\tsuperficial maintenance of machines;
\n \tparallel agreements with suppliers to purchase spare parts at a higher price so that the higher revenue value is divided between the employees of the company (buyer) and the supplier company (seller);
\n \ttheft of spare parts for subsequent resale to willing customers.<\/p>\n
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In the light of the above, the implementation of a planning and control model for the passive cycle – from purchase to storage of spare parts – is strategic, before being desirable.<\/p>\n
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How can spare parts storage costs be reduced? the Toyota model<\/p>\n
A best practice that answers this question is related to Toyota, a Japanese multinational operating in the automotive sector.<\/p>\n
<\/p>\n
In the 1950s, the founders of the Toyota Industry, Sakichi Toyoda and Kiichir\u014d Toyoda, published, with the help of engineer Taiichi \u014cno, the Toyota Production System, with the ambitious goal of increasing company productivity as much as possible using as few resources as possible: ‘doing more with less’, introducing, in fact, the Just-in-Time (JIT), an innovative inventory management system. With this innovation, Just-in-Time (JIT) supplies of spare parts, typical of a market where spare parts are requested from manufacturers shortly before the customer needs them, have been reduced by minimising stock levels in the warehouse and thus limiting the cost of storing excess inventory.<\/p>\n
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When the JIT system is operating correctly and at full capacity, companies are not obliged to keep spare parts in their warehouses that exceed a predetermined minimum threshold for emergencies.<\/p>\n
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It is fair to ask why, then, many companies continue to use storage methods other than JIT and forego the benefits associated with it. The explanation lies in the fact that this system only works properly if certain conditions are met.<\/p>\n
<\/p>\n
The most important of these is the constant presence of close ties with the companies supplying the spare parts. The latter, in fact, have to maintain a constant trend in the delivery of orders and suggest innovative solutions to their customers from the scientific research system.<\/p>\n
In this sense, TFS – Tecno Fluid Service, operating since 1997, makes innovation one of its strengths, precisely to guarantee a high standard of quality.<\/p>\n
<\/p>\n
Moreover, shipments must be fast and efficient, precisely to avoid interruptions in production or service chains due to a spare part that is late in arriving.<\/p>\n
TFS – Tecno Fluid Service, with more than a thousand references in stock, five fully equipped mobile units and 15 specialised technicians, is able to intervene quickly in the production processes of client companies that experience daily problems with hydraulic machines and systems. In this way, TFS is able to prevent the occurrence of ‘stock-outs’ and guarantee the restoration of production processes in the event of malfunctions or breakdowns.<\/p>\n
It must also be considered that there are some flaws in the management of the JIT system.<\/p>\n
<\/p>\n
The most risky scenario is that of not receiving spare parts needed to repair a machine on time, resulting in a significant loss of profit due to the reduction or even complete interruption of the production chain.<\/p>\n
Therefore, it may be understandable that, in order to avoid the occurrence of such an event (stock-out), a company may be induced to keep safety stocks in stock to ensure the continuity of production activity, with the result of increasing the capital allocated in current assets. An efficient warehouse maintenance department of a company operating in the hydraulics sector should constantly be on the lookout for reliable suppliers, who can fulfil orders in a timely manner, so that there can be a reduction in fixed asset costs and losses.<\/p>\n
TFS – Tecno Fluid Service, in this regard, thanks to its important partnership with Bosch Rexroth, a leading company in the hydraulics sector, is able to minimise the lead time of the passive process. Therefore, should a product not be in TFS’s catalogue for immediate delivery, it can be ordered and obtained in less time than other competing companies that do not have the same partnership with Bosch Rexroth.<\/p>\n
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Finally, it is only fair to point out that the advent of the new digital age and electronic commerce (e-commerce) certainly facilitates the whole system. It is now possible to order a spare part online at any time of the day and have it delivered to your company in no time at all with the help of express delivery.<\/p>\n
TFS – Tecno Fluid Service is optimising its e-commerce portal by adding its entire assortment to the catalogue over time. Although this is very laborious work, the successful completion of this operation will allow customer companies to be able to constantly interrogate the TFS stock references. In this way, each of them will be able to optimise their stock by reducing the stocks of spare parts required for the proper maintenance of their equipment.<\/p>\n
<\/p>\n
In conclusion, if a company succeeds in using the JIT method of warehouse management correctly and in having an efficient and effective warehouse management system, it can, without a doubt, exploit numerous advantages, such as:<\/p>\n
\tThe reduction of costs and financial burdens due to less stock in the warehouse;
\n \tThe reduction of physical space needed to store spare parts;
\n \tThe elimination of waste due to wear and tear and theft.<\/p>\n
In this way, TFS – Tecno Fluid Service can be a reliable partner for companies operating in the hydraulics sector and wishing to implement a Just in Time system based on TFS’s own large stock of spare parts.<\/p>\n
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