Spare part inventories can be very high when poor inventory systems are used. On the other hand the costs associated to not having a spare part when needed can be significant. A good balance between holding costs associated to having parts and consequence costs associated to stock outs is therefore needed. This balance is especially important for slow moving items. Inventory systems often contain methodologies to achieve the optimum inventory based on historical consumption information. For projects aiming at the construction of new plants this information is not available.

SPICA, 'Spare Part Interchangeability Analyzer' Tool is developed to collect the spare parts information in a standard format, which would be entered by the service provider. SPICA shows the relation between Equipment and Spare parts and the interchangeability between Spare parts in equipment & across Various Equipment installed. SPICA assists in reviewing and selecting spare parts for new installations. SPICA makes use of data submitted by suppliers, completed with available information from the project/company.

Later the procurement cell review & analyze the listed spare parts comparing with the Spare Parts master for availability, When sufficient stock is found available for Spare, then that spare will not be tagged as quantity available. And finally the spare list that is not available will be moved to Spares master and the spare list available without required quantity will be moved to procurement cell for ordering of the spare parts. The complete list will be moved to Inventory to build Equipment BOM. Thus, SPICA contains information of equipment, equipment spare parts and supplies, which are relevant for sustained safe, reliable and efficient operations. The owner/operator of the equipment will use that information in as-built document repositories, in materials lists for maintenance jobs, to determine spare part stocking levels, and for spare part procurement specifications.

Right time to optimize the spares and eliminate the duplicate Material Code Creation and Stocking; and to create precise buying description for future Ordering is essentially for any new plant which SPICA address efficiently.