Study Of Spare Parts Inventory Management In Medical Device Company

With the rapid global growth of medical device industry, companies in this field are facing a golden opportunity. Manufacturing equipment maintenance has a vital impact on company competence since it ensures timely delivery of qualified product with required volume. And as major physical basis, parts inventory management plays a critical role in equipment maintenance. In such a dynamic environment, how to supply stable and sufficient parts with both multiple maintenance strategies and strict regulatory requirements becomes an important topic for each company unavoidably.The importance and particularity of parts inventory management in medical device company are discussed on the basis of specific industrial requirements. Four essential factors (parts service level, parts demand characteristic, parts supply characteristic and parts deterioration characteristic) are identified with inventory control process analysis. Studies focus on the relationship between parts service level and safety stock, parts service level determination, maintenance strategy impact on parts demand characteristic. Parts inventory control history of certain company is reviewed for status quo analysis. Two-stage classification criteria based on parts criticality and maintenance strategy is implemented for parts classification. Suitable inventory control strategy for certain company is selected after strategy efficiency comparison. Inventory model based on parts service level is introduced for stock control while simplified models are applied for each parts classification accordingly.