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Smart Inventory Management (SIM)

Reduce your MRO inventory levels by up to 50% with the right, usable inventory insights from Smart Inventory Management.

Why Smart Inventory Management (SIM)?

A Recent Industry Survey established that are still significant inefficiencies and waste linked to the Inventory Management in Asset Heavy Industries (Manufacturing Energy and Utilities, Distribution, Maintenance Services, Infrastructure, Travel & Transport).

50% Obsolete Stock
50% of the stock was in danger of obsolescence
Majority Non-Moving Stock
Majority of the stock units had not moved in the previous 12 months
High Inventory Cost
The costs associated with unneeded inventory averages 18% of purchase price

What is Smart Inventory Management (SIM)?

Smart Inventory Management is an integrated, pre-configured Analytics based Inventory Management capability that enables organisations to identify and remove obsolete stock and delivers immediate stock rationalisation (up to 50%). It also enables organisation, on an on-going basis to optimise stock levels and reorder points using advanced analytics capabilities.

Smart Inventory Management integrates directly into leading Asset Management systems such as Maximo and SAP and can be delivered as an on-premises or cloud solution.

Benefits

Smart Inventory Management will enable companies with high value, diverse and critical stock to:

Remove obsolete stock with immediate rationalisation
Investigate inventory costs and usage
Improve data quality of inventory
Optimise stock levels and reorder points

An Overview of Smart Inventory Management

This video series shows the key benefits linked to SIM through a practical run through the different aspects of this solution: its interactive dashboards, the ability to identify obsolete stock, understand data issues and identify optimise re-order points depending on service level agreements.

Smart Inventory Management Outputs

In a visual, interactive manner, taking data fed from multiple sources, SIM provides the following insights:

  1. Profile and optimise inventory levels and reorder points.
  2. Identify obsolete stock and set appropriate levels based on item criticality for insurance and safety stock
  3. Receive insightful recommendations that are aimed to deliver immediate and ongoing savings. Visual and Interactive Dashboards help prioritise categories that will deliver the most immediate savings
  4. Use advanced data models that accurately show both when and why stock reorder points should be set, and extreme stock data usage to improve stock planning

 

Smart Inventory Management Data Funnel

 

MRO Inventory Management - 5 Steps to Getting on the Right Track

Market research shows that up to 50% of unscheduled manufacturing downtime is due to lack of spare parts, yet sometimes as little as 10% of MRO (Maintenance, Repair and Operations) stock may move in any 1 year.

So, how can Advanced Analytics bring the right mix of inventory to deliver both cost effectiveness and the highest performance for maintenance?

View Guide

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