You know what's really fascinating? I've seen this one strategy that seems completely backwards at first glance, but it's saved companies millions in downtime. It's called "strategic hoarding" or "just-in-case" inventory for critical automation components. Instead of keeping everything lean, companies identify their absolute mission-critical spare parts - think PLCs, VFDs, HMIs, and motion control drives that would shut down entire production lines if they failed - and they deliberately stockpile 2-3 times the normal buffer stock.
Here's the counterintuitive part: they're not hoarding everything, just the components that are single points of failure. They'll even buy these critical parts before they need them, sometimes years in advance, especially if they're imported or have long lead times. One manufacturer I know keeps spare PLCs with expired warranties in climate-controlled storage just in case - sounds wasteful, right? But when a key supplier went bankrupt during COVID and lead times jumped from 2 weeks to 6 months, that 'wasteful' stockpile kept their $50M production line running.
The real brilliance is in the selectivity. They combine this with standardization - using common drive families and PLC platforms across all machines - which actually reduces their overall inventory by 20-30%. So they're 'hoarding' strategically while simplifying everything else. It's like having a well-stocked emergency kit: you don't need backup for everything, just the things that would kill you if they failed during a crisis.