Verusen, the industry leader driving AI-driven MRO (maintenance, repair, and operations) materials and inventory optimization, launched its AI for Spare Parts Criticality evaluation & optimization solution that understands item criticality and operational risk to drive improved stocking strategies for global enterprises and manufacturers. Set into action, Verusen AI for Spare Parts Criticality delivers improved operational continuity, uptime and performance.
Spare parts for the world’s largest industrial manufacturers, including oil & gas and mining, comprise a multi-billion dollar opportunity optimization. Verusen processes material data, identifies operational risk for each item and analyzes and prioritizes the most critical spare parts for continuous operations and production uptime to reduce operational risk. Specifically, AI for Spare Parts Criticality measures demand and supply-side factors, including where/when/how assets are used, assessing work orders, Bills Of Materials (BOMs) and other market factors, including price and availability of single vs. multi-source assets.
Addressing on-hand and fast-moving inventory optimization for a single industrial company can deliver bottom-line cost reductions ranging from $50M to $190M in savings. Additionally, organization-wide inventory spending can be reduced by as much as 45%. Lastly, organizations can attain measurable, bottom-line financial results within 6 months. Verusen AI for Spare Parts Criticality delivers strategic insights to fuel procurement optimization and deliver transformative results.
Also Read: AGC Introduces METEORWAVE ELL Ultra-Low Loss PCB Materials
As part of its Future Strategies for MRO Optimization survey of industry professionals, Verusen found that 46% of organizations lack asset criticality in their materials planning process. The risk of plant or operational downtime is ever-present for organizations that have ignored asset criticality. Downtime for plants and operations severely impacts profits, especially for asset-intensive industries. Lost productivity is especially acute when strategic spare parts are not ready for replacement.
Verusen AI for Spare Parts Criticality helps organizations adopt a scalable and sustainable risk-based inventory approach that:
- Ensures inventory materials are assigned an optimal criticality to reflect their true priority to operations.
- Maintains updated criticalities with an “always-on” solution
- Aligns procurement and operations teams on material needs
- Pivots discussion from stocking levels to service levels
- Ensures consistent understanding and prioritization of spare parts across the organization.
“I feel that Verusen is taking material criticality to the next level,” said John Luke, retired Supervisor, Global Inventory Management Center of Excellence ExxonMobil. “Not only are organizations able to assess criticality based on linkages to equipment and work orders from a Maintenance Operations perspective, they can now make service level shifts based on Supply Chain Operations drivers such as lead time and multiple vendors. This finally brings about more meaningful collaboration between these organizations and reduces the ongoing conflict on how to best execute material stocking strategies.”
Verusen’s AI for Spare Parts Criticality establishes guidelines for organizations that hold operations accountable concerning the trade-offs of stocking up or stocking down. It helps operations make better decisions about what needs to be stocked and sheds light on what is already in stock, avoiding redundancy and waste.
SOURCE: GlobeNewswire