Featured Research

from universities, journals, and other organizations

Smarter Inventory Control Of Spare Parts Can Result In Savings Of 50 Percent

Date:
November 29, 2006
Source:
Eindhoven University of Technology
Summary:
Smarter storage of spare parts is now possible thanks to a new inventory model that ensures the integration of inventory control for all parts in stock at several warehouses. Both the number of parts in stock and the waiting time for spare parts can be reduced, with theoretical savings of up to 50 percent.

Smarter storage of spare parts is now possible thanks to a new inventory model, based on extensive cooperation between different warehouses. This method ensures the integration of inventory control for all parts in stock at several warehouses. This way both the number of parts in stock and the waiting time for spare parts can be reduced, with theoretical savings of up to 50%. This is possible thanks to fundamental mathematical models developed by PhD candidate Bram Kranenburg MSc. With his research Kranenburg hopes to obtain a doctorate from the Technical University Eindhoven (TU/e) on Thursday 23 November.

Related Articles


Big Business

The storage of spare parts is big business in the Netherlands, involving billions of euros every year. Every branch of industry or service that works with complex machinery needs spare parts. Just think of electronics, hospitals, industrial machinery, and the car industry. One small, defective part can put a complete machine out of operation for quite some time. That is why there have always been strict requirements for stocking and distributing spare parts.

Pooling storage facilities

A great deal of research has already been done to optimize the entire logistic process. Still, inventory control is usually done separately for each warehouse. ASML approached the TU/e to find out if there was not a smarter way to do this and this question became a central theme in Kranenburg's PhD research. Kranenburg: "The crux of my model is the pooling of different warehouses. If a local warehouse does not have a certain part in stock, it can contact another local warehouse instead of the central warehouse. If you want to do this on a structural basis, there is much to be won by planning your inventory control around this. But if you want to do this right, it becomes very complex mathematically to work this all out. That is the problem I worked on in my PhD research and ASML has been able to implement my model and algorithms right away."

Universally applicable

The models are very relevant to everyday practice and can lead to great savings. Kranenburg: "Some theoretical data sets yielded cost reductions of up to 50%!" In his research Kranenburg further worked on models for integrated inventory control for different machines and for different groups of customers. All models are universally applicable. In his next job as consultant with CQM Kranenburg will strive to further increase the applicability of his research.


Story Source:

The above story is based on materials provided by Eindhoven University of Technology. Note: Materials may be edited for content and length.


Cite This Page:

Eindhoven University of Technology. "Smarter Inventory Control Of Spare Parts Can Result In Savings Of 50 Percent." ScienceDaily. ScienceDaily, 29 November 2006. <www.sciencedaily.com/releases/2006/11/061128083946.htm>.
Eindhoven University of Technology. (2006, November 29). Smarter Inventory Control Of Spare Parts Can Result In Savings Of 50 Percent. ScienceDaily. Retrieved October 30, 2014 from www.sciencedaily.com/releases/2006/11/061128083946.htm
Eindhoven University of Technology. "Smarter Inventory Control Of Spare Parts Can Result In Savings Of 50 Percent." ScienceDaily. www.sciencedaily.com/releases/2006/11/061128083946.htm (accessed October 30, 2014).

Share This



More Computers & Math News

Thursday, October 30, 2014

Featured Research

from universities, journals, and other organizations


Featured Videos

from AP, Reuters, AFP, and other news services

Mind-Controlled Prosthetic Arm Restores Amputee Dexterity

Mind-Controlled Prosthetic Arm Restores Amputee Dexterity

Reuters - Innovations Video Online (Oct. 29, 2014) A Swedish amputee who became the first person to ever receive a brain controlled prosthetic arm is able to manipulate and handle delicate objects with an unprecedented level of dexterity. The device is connected directly to his bone, nerves and muscles, giving him the ability to control it with his thoughts. Matthew Stock reports. Video provided by Reuters
Powered by NewsLook.com
Robots Get Funky on the Dance Floor

Robots Get Funky on the Dance Floor

AP (Oct. 29, 2014) Dancing, spinning and fighting robots are showing off their agility at "Robocomp" in Krakow. (Oct. 29) Video provided by AP
Powered by NewsLook.com
IBM Taps Into Twitter's Data With New Partnership

IBM Taps Into Twitter's Data With New Partnership

Newsy (Oct. 29, 2014) The new partnership will allow IBM to access Twitter’s data and analytics to help IBM clients better understand their consumers. Video provided by Newsy
Powered by NewsLook.com
Google To Use Nanoparticles, Wearables To Detect Disease

Google To Use Nanoparticles, Wearables To Detect Disease

Newsy (Oct. 29, 2014) Google X wants to improve modern medicine with nanoparticles and a wearable device. It's all an attempt to tackle disease detection and prevention. Video provided by Newsy
Powered by NewsLook.com

Search ScienceDaily

Number of stories in archives: 140,361

Find with keyword(s):
Enter a keyword or phrase to search ScienceDaily for related topics and research stories.

Save/Print:
Share:

Breaking News:

Strange & Offbeat Stories


Space & Time

Matter & Energy

Computers & Math

In Other News

... from NewsDaily.com

Science News

Health News

    Environment News

    Technology News



    Save/Print:
    Share:

    Free Subscriptions


    Get the latest science news with ScienceDaily's free email newsletters, updated daily and weekly. Or view hourly updated newsfeeds in your RSS reader:

    Get Social & Mobile


    Keep up to date with the latest news from ScienceDaily via social networks and mobile apps:

    Have Feedback?


    Tell us what you think of ScienceDaily -- we welcome both positive and negative comments. Have any problems using the site? Questions?
    Mobile: iPhone Android Web
    Follow: Facebook Twitter Google+
    Subscribe: RSS Feeds Email Newsletters
    Latest Headlines Health & Medicine Mind & Brain Space & Time Matter & Energy Computers & Math Plants & Animals Earth & Climate Fossils & Ruins