The survey results released by Verusen, a pioneer in MRO optimization, in collaboration with WBR Insights and ProcureCon MRO, shed light on the strategic importance of MRO materials and spare parts management. The survey emphasizes the urgent need for organizations to align their MRO practices with broader business objectives to unlock strategic value.
Chris Rand, the head of research at WBR Insights, asserts, “By harnessing advanced technologies and enhancing data uniformity, companies can transform MRO from a cost center into a wellspring of innovation and competitive advantage.”
Key Insights from the Survey
The survey, which polled 250 procurement and operations leaders, revealed that a significant 71% believe MRO procurement/operations should be viewed as a strategic initiative for continuous improvement and a potential source of innovation. However, only 58% of respondents report that MRO procurement/operations are treated as strategic organizational initiatives.
Balancing MRO Capital and Risk
The balancing act between MRO working capital and risk has gained prominence, especially in large asset-intensive industries such as oil and gas, mining, energy and utilities, resources, and heavy manufacturing. These sectors are actively seeking solutions to optimize their MRO inventories, expenditure, and risk with deeper intelligence. The survey found that nearly half of the organizations need to adopt a risk-based approach, as 46% of them do not include asset criticality (spare parts deemed most critical to continuous operations) in their materials planning process.
The strategic importance of MRO materials and spare parts management is undeniable in today’s business landscape. Organizations must recognize the value of aligning MRO practices with broader business objectives to optimize efficiency, reduce costs, and drive innovation. By leveraging advanced technologies and data-driven insights, companies can transform MRO from a mere cost center into a strategic asset that fuels growth and competitiveness.
