Paper Title :Optimization of Spare Parts Inventory Management in The Automobile Service Centre

Author :Ashok Kumar, Prakash Kumar, Mayank Kumar Pandey

Article Citation :Ashok Kumar ,Prakash Kumar ,Mayank Kumar Pandey , (2023 ) " Optimization of Spare Parts Inventory Management in The Automobile Service Centre " , International Journal of Mechanical and Production Engineering (IJMPE) , pp. 32-38, Volume-11,Issue-10

Abstract : Inventory management needs to be effective for automobile service centers to operate smoothly and financially. Through the application of numerous techniques and methods, inventory costs for spare parts are optimized in such service centers. Service centers are entrusted with keeping a large inventory of spare parts to quickly meet customer needs while minimizing holding costs and obsolescence risks in the dynamic and competitive automobile sector. In order to balance maintaining component availability and lowering carrying costs, this study investigates a number of strategies, such as demand forecasting, ABC analysis, and just-in-time inventory. Additionally, technology solutions, including inventory management applications and RFID tracking, are crucial for improving visibility and control over the stock of spare parts. Utilizing data analytics and lean concepts, service centers can match their inventory plans with current demand trends, thereby cutting expenses related to overstocking or stock outs. The importance of adopting a comprehensive and data-driven strategy to optimize spare parts inventories in car service centers is highlighted in this abstract. Service centers may achieve cost efficiency, improve customer satisfaction, and maintain competitiveness in the ever-changing automotive sector by employing the ideal combination of inventory management strategies and embracing technological innovations Keywords - Stock Keeping Unit (SKU), Spare Part, Demand Forecasting, RFID Tracking

Type : Research paper

Published : Volume-11,Issue-10

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