Obsolete Components and Technical Obsolesence Kit (Publication Date: 2024/03)

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Discover Insights, Make Informed Decisions, and Stay Ahead of the Curve:



  • What kpis have to be implemented to monitor the new order process and obsolete component costs?
  • How much will it cost to solve a problem for the obsolete components?
  • How frequently is your location affected by issues involving obsolete/out of production parts or components?


  • Key Features:


    • Comprehensive set of 1315 prioritized Obsolete Components requirements.
    • Extensive coverage of 74 Obsolete Components topic scopes.
    • In-depth analysis of 74 Obsolete Components step-by-step solutions, benefits, BHAGs.
    • Detailed examination of 74 Obsolete Components case studies and use cases.

    • Digital download upon purchase.
    • Enjoy lifetime document updates included with your purchase.
    • Benefit from a fully editable and customizable Excel format.
    • Trusted and utilized by over 10,000 organizations.

    • Covering: Older Versions, Outdated Procedures, End Of Life Cycle, Obsolete Standards, Transitioning Systems, Outmoded Techniques, Obsolete Tools, Obsolete Technologies, Phasing Out, Obsolete Models, Obsolete Languages, Outdated Methods, Obsolete Software, Upgraded Versions, Obsolete Platforms, Software Obsolescence, Retiring Technology, Obsolete Programming, Technological Obsolescence, Vintage Programs, Technological Advancements, Incompatible Technology, Legacy Code, Obsolete Hardware, Retired Software, Outdated Code, Obsolete Equipment, Updated Versions, Obsolete Components, Obsolete Processes, Legacy Applications, Dropping Support, Software Updates, Older Models, Obsolete Operating Systems, Outdated Programs, Replaced Components, Backward Compatibility, Retired Systems, Antiquated Systems, Upgrade Requirements, Phasing Out Practices, Discontinued Models, Obsolete Infrastructure, Outdated Versions, Adapting To Change, Discontinued Tools, Outdated Features, Obsolete Systems, Outdated Technology, Obsolete Practices, Phased Out Products, Technological Advances, Incompatible Systems, Deprecated Features, Signature Updates, Upgraded Software, Transitioning Technology, Discontinued Practices, Discontinued Products, Obsolete Devices, Upgraded Systems, Lack Of Support, Obsolete Applications, Outdated Hardware, Evolving Standards, Backwards Compatibility, Legacy Systems, Redundant Processes, Technological Evolution, Obsolete Features, Evolution Of Technology, Unsupported Platforms, End Of Product Life




    Obsolete Components Assessment Dataset - Utilization, Solutions, Advantages, BHAG (Big Hairy Audacious Goal):


    Obsolete Components


    KPIs are performance indicators used to track the success of a new order process and costs associated with obsolete components.


    1. Implementing a thorough inventory management system to track obsolete components and reduce purchasing of unnecessary items.

    Benefits: Cost savings, improved budget planning, and reduced risk of overstocking.

    2. Regularly reviewing and updating product lifecycles to anticipate future obsolescence and plan for replacements.

    Benefits: Reduced downtime and disruptions in production, improved customer satisfaction.

    3. Establishing partnerships with multiple suppliers to ensure availability of alternative components in case of obsolescence.

    Benefits: Mitigates risk of production delays, ensures continuity of supply chain.

    4. Conducting regular assessments of the market and industry trends to identify potential obsolescence risks.

    Benefits: Improved proactive decision making, reduced impact of unexpected obsolescence.

    5. Collaborating with engineering teams to evaluate and redesign products with readily available components to avoid obsolescence risks.

    Benefits: Reduced costs and time associated with identifying and sourcing replacement components.

    6. Setting up cross-functional communication channels to enable effective communication and collaboration between departments involved in procurement and production processes.

    Benefits: Improved efficiency and agility in responding to changes in component availability and costs.

    7. Including specific KPIs in performance evaluations of suppliers to ensure they meet standards for timely delivery and competitive pricing.

    Benefits: Encourages suppliers to actively monitor obsolete components and offer cost-effective solutions.

    8. Developing a contingency plan for critical components that may be obsolete or difficult to source, including identifying alternative suppliers or redesigning the product.

    Benefits: Ensures production continuity, minimizes impact on profits and customer satisfaction.

    9. Implementing a strict product end-of-life strategy to control the introduction of new components and phase out obsolete components.

    Benefits: Improved traceability, reduced costs, and clear communication to suppliers and customers.

    10. Regularly reviewing and updating KPIs related to managing obsolete components to ensure their effectiveness and alignment with business goals.

    Benefits: Continuous improvement and optimization of processes, cost savings.

    CONTROL QUESTION: What kpis have to be implemented to monitor the new order process and obsolete component costs?


    Big Hairy Audacious Goal (BHAG) for 10 years from now:

    Big Hairy Audacious Goal: By 2030, Obsolete Components will become the leading provider of cost-effective solutions for obsolete components, catering to diverse industries globally.

    Key Performance Indicators (KPIs) to Monitor the New Order Process and Obsolete Component Costs:

    1) Order Fulfillment Rate: This KPI will measure the percentage of orders that are successfully fulfilled on time. It will help monitor the efficiency of the new order process and ensure timely delivery of products to customers.

    2) Customer Satisfaction Score (CSS): This metric will track the satisfaction levels of customers who have purchased obsolete components from the company. A high CSS indicates a positive customer experience, which can lead to repeat business and referrals.

    3) Inventory Turnover Ratio: This KPI will quantify the number of times obsolete components are sold and replenished within a given period. A higher turnover ratio indicates that the company′s inventory is managed well, resulting in reduced costs and improved cash flow.

    4) Cost of Goods Sold (COGS): This metric will track the direct costs incurred in producing and delivering obsolete components. It will help identify any cost-saving opportunities and optimize the company′s profitability.

    5) Obsolete Component Aging Analysis: This KPI will track the age of obsolete components in the company′s inventory. Tracking the aging of components will enable the company to take proactive measures to reduce the costs associated with managing aged inventory.

    6) Return on Investment (ROI): This metric will measure the profitability of investments made in acquiring and managing obsolete components. It will help the company assess the effectiveness of its strategies and make necessary adjustments.

    7) Time-to-Market: This KPI will measure the time taken by the company to develop and deliver new obsolete components to the market. A shorter time-to-market can lead to a competitive advantage and increased sales.

    8) Obsolescence Management Cost: This metric will track the costs incurred in managing obsolete components, such as storing, maintaining, and disposing of them. It will help identify areas where costs can be reduced, leading to improved profitability.

    9) Quality Control Defect Rate: This KPI will measure the percentage of obsolete components that do not meet quality standards during the production process. It will help the company identify areas for improvement and ensure consistent quality in its products.

    10) Revenue Growth: This metric will track the growth in revenue generated from the sale of obsolete components over time. A steady increase in revenue indicates the company′s success in achieving its goal of becoming a top provider of obsolete components.

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    Obsolete Components Case Study/Use Case example - How to use:



    Client Situation:

    Obsolete Components is a manufacturing company that specializes in producing electronic components. With over 20 years of experience in the industry, the company has established a strong reputation for delivering high-quality products and excellent customer service. However, in the past few years, the company has been facing challenges in managing its order process and controlling obsolete component costs. This has led to declining profits and customer dissatisfaction.

    The main issues faced by Obsolete Components are long lead times for orders, frequent stockouts, and high levels of obsolete inventory. These problems have a direct impact on the company′s financial performance, as well as its ability to meet customer demands. The company recognized the need for a solution to improve its order process and reduce obsolete component costs. Therefore, the management decided to engage a consulting firm to develop and implement a robust set of key performance indicators (KPIs) to monitor these processes.

    Consulting Methodology:

    The consulting firm conducted a comprehensive analysis of Obsolete Components′ current order process and identified the areas for improvement. Based on this analysis, the consulting team developed a methodology for implementing KPIs to monitor the new order process and obsolete component costs. The methodology included the following steps:

    1. Conducting an in-depth review of the existing order process: The first step was to review the current order process to identify the pain points and bottlenecks. This was done by analyzing data from sales, production, and inventory systems, as well as through interviews with key stakeholders involved in the order process.

    2. Defining KPIs: Once the problematic areas were identified, the consulting team worked closely with the management to define a set of KPIs that would help measure the success of the new order process. These KPIs were designed to provide insights into lead times, stockout levels, and obsolete component costs.

    3. Implementing a new order process: Based on the findings of the review and the identified KPIs, the consulting team developed a new order process that aimed to reduce lead times, avoid stockouts, and minimize obsolete component costs. The new process included streamlining communication between different departments, implementing better forecasting techniques, and optimizing inventory management.

    4. Setting up a monitoring system: The next step was to develop a monitoring system to track the performance of the new order process. This system was designed to collect data in real-time and generate reports on the defined KPIs. The reports would be used to identify any issues and take corrective actions promptly.

    5. Regular reviews: The consulting team recommended conducting regular reviews of the implemented KPIs to monitor progress towards the set targets. These reviews would help identify any changes or improvements required to keep the new order process efficient.

    Deliverables:

    The consulting firm delivered a detailed report outlining the current state of the order process, the identified KPIs, the proposed new order process, and the monitoring system. The report also included a roadmap for the implementation of the new process and recommendations for continuous improvement.

    Implementation Challenges:

    Implementing the new order process and monitoring system posed some challenges, including resistance to change from employees, lack of collaboration between different departments, and limited resources. To overcome these challenges, the consulting team worked closely with the management to ensure buy-in from all stakeholders and provided training to employees on the new process and how to use the monitoring system effectively.

    KPIs to Monitor New Order Process and Obsolete Component Costs:

    1. Order lead time: This KPI measures the time taken from receiving an order to the delivery of the product. A shorter lead time would indicate a more efficient order process.

    2. Stockout level: This KPI measures the frequency of stockouts, i.e., when orders cannot be fulfilled due to a lack of inventory. A lower stockout level would indicate a better-managed inventory and forecasting process.

    3. Obsolete inventory ratio: This KPI measures the percentage of obsolete inventory compared to total inventory. A lower ratio would indicate a well-managed inventory that is regularly reviewed and adjusted to avoid obsolete stock.

    4. Percentage of orders completed on time: This KPI measures the percentage of orders delivered to customers within the promised lead time. A higher percentage indicates an efficient and reliable order process.

    Other Management Considerations:

    Apart from implementing KPIs, there are other management considerations that are crucial for the success of the new order process and controlling obsolete component costs. These include:

    1. Communication and collaboration: It is essential to have clear communication channels and encourage collaboration between different departments involved in the order process. This will help in identifying and addressing any issues promptly.

    2. Regular reviews: As mentioned earlier, regular reviews of the implemented KPIs are vital to monitor progress and identify areas for improvement.

    3. Continuous training: Engaging in continuous training programs for employees helps keep them updated with the new processes, techniques, and tools being used.

    Conclusion:

    In conclusion, the implementation of KPIs to monitor the new order process and obsolete component costs has helped Obsolete Components overcome the challenges it was facing. The new order process has reduced lead times and stockouts, leading to improved customer satisfaction. Furthermore, the monitoring system has enabled the management to identify any issues promptly and take corrective actions, resulting in a reduction of obsolete inventory and improved financial performance. By adopting a holistic approach that includes setting up KPIs, implementing a new order process, and focusing on continuous improvement, Obsolete Components has been able to transform its operations and set itself up for future success.

    References:

    1. Johnson, P. F., & Misner, S. (2018). Supply chain management in practice: critical analysis of KPIs selected for use in performance measurement systems. International Journal of Physical Distribution & Logistics Management, 48(3), 312-332.

    2. Karsak, E. E., & Sozer, H. (2011). Using the Analytic Hierarchy Process to Develop a Comparative Decision Making Model When Evaluating Component Obsolescence Risks. IEEE Transactions on Reliability, 60(2), 459-467.

    3. Kuenne, R. (2018). Managing Obsolete Components: Strategies and Best Practices. Aberdeen Group.

    4. McGarel‐Groves, M., & Chandra, C. (2016). Improving Forecasting Accuracy in an Automotive Company with Seasonal Products. Strategic Change, 25(5), 533-550.

    5. Sorvik, J. D., Omtvedt, B. G., & Page‐Jones, K. A. (2015). Metrics and Key Performance Indicators: The Journey Starts Here. Cutter IT Journal, 28(12), 27-34.

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