Sustainable spare parts inventory control using companywide interchangeability technique: perspective to petroleum and fertiliser industries

Sandeep Sharda and Sanjeev Mishra

World Review of Entrepreneurship, Management and Sustainable Development, 2022, vol. 18, issue 1/2, 156-174

Abstract: Industries are using the conventional method for spare parts inventory control. The current practise leads to duplication and overstocking of spare parts on annual basis. This research aims to provide a sustainable approach for spare parts inventory control to nullify overstocking and account for leftover non-recommended spare parts. The framework includes a macro-level review to reflect the maximum level of total spare parts inventory and its associated cost for the existing factory warehouse. A proposed Inventory Control Matrix Model (ICMM) is used for the above analysis and is derived from Boston Consulting Group (BCG). During the project stage, sustainable procurement of spare parts can also be done using Companywide Interchangeability Implementation Model (CIIM). Six hypotheses are derived and tested statistically based on obtained responses of expert's for the suitability of this framework. The approach is also validated with a real case of the industry with indicative sustainable stock levels over conventional policies.

Keywords: sustainable spare parts inventory; companywide interchangeability; BCG; Boston Consulting Group; inventory control matrix model; companywide interchangeability implementation model; sustainable stock level; inventory management; entrepreneurship. (search for similar items in EconPapers)
Date: 2022
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