MRO Spare Parts Management and Inventory Optimization

In this chapter, considering the importance of spare parts inventory management in the equipment life cycle, the excellence models in spare parts supply chain management are reviewed, and MRO-MMM framework based on the MMM maintenance excellence model will be presented in eight steps. In this comprehensive framework, all necessary actions are considered in terms of maintenance excellence, improvement, and optimization spare parts management. The steps include compiling strategies, spare parts management policies, and related indicators; determining criticality, classification, and spare parts data management; data and procedure preparation for analysis of inventory management; optimization of inventory management system; supplier management; integrity of automation and information system; continuous improvement; and risk based and smarting inventory management. This framework has been used in various industries and proved that the implementation of the MRO-MMM framework will optimize and significantly improve spare parts management.

LabVIEW Based Inventory Management System

The aim of this paper represents the “LABVIEW BASED INVENTORY MANAGEMENT SYSTEM” creates a web-based producing system that permits manufacturing business to schedule its manufacturing operations supported the daily update of sales from its dealers. Once the sales figure of things for the past weeks are entered by the dealers over the net alongside the orders for future delivery, the schedule for future week’s production is immersed. A report of the specified raw materials or components are immersed with the merchandise necessities over the net & asked to quote their rates. Once the rates are quoted, the order is placed with the specified delivery schedules. Once the components are equipped the stocks are updated. Then a production arrangement is immersed considering the bill of materials. Once the assembly arrangement is approved, the stock is updated once the fabric is issued. Once the finished merchandise are on the market the delivery schedules are immersed supported the orders placed by the Dealers. The stocks with the dealers also will be maintained.

A Smart Shelf Design for Retail Store Real Time Inventory Management Automation

Conventional retail store inventory management systems rely on stockroom actions. However, especially in big scale retail stores, a certain amount of goods is placed on the display shelves. The items placed on the display shelves are not counted until their tags are identified by a cash register and marked as sold in the inventory management system. In this study, we propose a smart shelf that is capable of counting the specific items placed on it by detecting the location and the weight of the items. Our approach assumes that specific items in a retail store are placed in a specified location on each shelf, which is a widely preferred approach. The identified product information is then transferred to the inventory management system through the local network connection, and products on the display shelves can be counted in real time. The results show that the location and weight of the items can be identified with remarkable accuracy.

DEVELOPMENT OF MANUFACTURING INVENTORY MANAGEMENT SYSTEM USING MATERIAL REQUIREMENT PLANNING METHOD

Inventory has an important role in business activities. This is because inventory has an effect on changes in the production market and anticipates price changes in the demand for many goods. PT. Barkah Jaya Mandiri is a company engaged in manufacturing where the management of inventory at the company is still done conventionally. This causes various problems such as the occurrence of discrepancies in the stock of goods, discrepancies in data and final reports as well as obstacles in the production process in the event of a shortage or excess of raw materials. (Material Requirement Planning) in order to overcome the problems that occur in the company. The combination of the SDLC model and data collection techniques including observation, interviews and literature study were also carried out in this study in order to achieve the system that will be built to suit the targeted needs. With this system, the management of inventory data at this company can be done easily and accurately and save time compared to the previous system, so that the procurement of manufacturing raw materials is optimal and employee performance is better.

INFORMATION SYSTEM DESIGN AND INVENTORY MANAGEMENT ON PHARMACY BUSINESS WITHIN ABC-XYZ ANALYSIS METHOD

Inventory will difficult to be controlled when there is an increase on product item number. It needs product grouping analysis to determine product priorities. So that, an inventory management information system that supports inventory planning process becomes important to discuss. The same problem is also experienced by Kutisari pharmacy which has nearly 1500 product items that controlled by conventional-based stock and inventory recording system. Based on observations pharmacy planning is currently done based on the owner subjectivity. The expired goods is often became problem because control system is still conventional and number of product items is quite large. Researchers classify products in various stages with final result being a combination of ABC and XYZ classifications. The demand data for priority products is forecasted according to the model that gives best MAPE/MSD results and researcher improves inventory management system flow by implementing an inventory management information system at Kutisari Pharmacy. After that, an analysis is carried out to find out benefits of application system. Based on data analysis, losses from expired drugs and goods that are not recorded in warehouse resulted in lost sales of Rp. 3,312,000 in a year. In future this losses could be prevented and minimized, so that it can be benefits for pharmacy business.

Modern innovative technologies in warehouse inventory management

The purpose of the research is to study the benefits and potential problems of using Radio Frequency Identification Devices (RFID) in the warehouse management and inventory supplychain management. Methodology. In the process of writing this article a few various types of the observation, timing, motional, inventory, and historical methods (describing present time limitations of the current inventory tracking system compare to the benefits and obstacles of the proposed new generation inventory management system) were used. To support our conclusion, we used data from the sampling research conducting on the premises of six distribution centers. Generalized results of this study helped us to create a comparison between deployment of the system with the use of just RFID tags, just barcodes, and a hybrid technology, were both types of the inventory markings were incorporated. Results. As it was predicted even before the research begins, the result of the study proved that use of the RFID technology significantly improved reliability of the inventory system by reducing number of out-ofstock (OOS) items, improved speed of the data collection and reduce amount and time of the manual work. It was also determined that RFID technology will help companies to better manage day-to-day inventory operations. The overall results suggested that use of the RFID technology will help companies to reduce fixed and variable costs associated with the daily operation of the inventory management system. However, it was also found that RFID system is not prone to the problems related to the breakage of the equipment and tags themselves. It is also worth to take into account a cost of RFID tags compares to the barcodes or two-dimensional barcodes. If a medium size company will decide to switch to the RFID technology completely, the cost of the switch might not overweight the saving the company will have. In this case a possible solution might be two-dimensional barcodes. Practical meaning. We hope that results of the study, our observations, and comments will help businesses to evaluate deployment of the RFID technology better, understand some unrecognized pro and cons of it and find possible ways to improve on the current systems by using advantages of multiple inventory solutions. Prospects for further research. Consideration should be given to a possible research of the security of the RFID technology, safety of the protocols it uses to collect and transmit data, and, finally, a possibility of the external intrusion and malicious data manipulations and the ways to prevent it.

Construction and optimization of inventory management system via cloud-edge collaborative computing in supply chain environment in the Internet of Things era

The present work aims to strengthen the core competitiveness of industrial enterprises in the supply chain environment, and enhance the efficiency of inventory management and the utilization rate of inventory resources. First, an analysis is performed on the supply and demand relationship between suppliers and manufacturers in the supply chain environment and the production mode of intelligent plant based on cloud manufacturing. It is found that the efficient management of spare parts inventory can effectively reduce costs and improve service levels. On this basis, different prediction methods are proposed for different data types of spare parts demand, which are all verified. Finally, the inventory management system based on cloud-edge collaborative computing is constructed, and the genetic algorithm is selected as a comparison to validate the performance of the system reported here. The experimental results indicate that prediction method based on weighted summation of eigenvalues and fitting proposed here has the smallest error and the best fitting effect in the demand prediction of machine spare parts, and the minimum error after fitting is only 2.2%. Besides, the spare parts demand prediction method can well complete the prediction in the face of three different types of time series of spare parts demand data, and the relative error of prediction is maintained at about 10%. This prediction system can meet the basic requirements of spare parts demand prediction and achieve higher prediction accuracy than the periodic prediction method. Moreover, the inventory management system based on cloud-edge collaborative computing has shorter processing time, higher efficiency, better stability, and better overall performance than genetic algorithm. The research results provide reference and ideas for the application of edge computing in inventory management, which have certain reference significance and application value.

Smart Inventory Management System and Predictive Analysis

The idea of a smarter inventory management and business intelligence systems is a challenge in its implementation for various organization and businesses especially small and medium sized retailers. The concept of the paper is based on the business aspects while it merges various technological features to make a Predictive Analytical Model. Very few organizations and companies implement this which amount to loss of business, redundancies and errors that can be largely solved by system that uses data science, machine learning and visualization. This paper aims to present various aspects that can be infused with technology to aid Business Techniques and enable automation.