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OnProcess Technology's New Dynamic Parts Planning Service Transforms Inventory Management, Using IoT Data to Safely Cut Stock by Up to 10 PercentOnProcess Technology, a global pioneer in service supply chain management and optimization, today unveiled its Dynamic Parts Planning Service, the industry's first IoT data-driven offering that predicts spare parts demand. By feeding historic and real-time machine signal data into its proprietary OPTvision microanalytics and visibility platform, OnProcess determines what parts will be needed and when they will be needed. The new service makes it easy for companies to cut inventory by six to 10 percent, potentially saving millions of dollars in carrying costs, while improving service levels and fill rates. "Maintaining the right level of spare parts is critical. Excessive inventory can be prohibitively expensive. But if you have too little, you slow repairs and frustrate, and possibly lose, customers. The problem is, traditional practices for managing spare parts are woefully inaccurate because they're based largely on historical demand and gut instincts. The static models don't account for variables resulting from failed parts in the field. So, most businesses overstock to hedge their bets," said Mike Wooden, CEO, OnProcess Technology. "OnProcess' new Dynamic Parts Planning Service completely changes parts inventory management, bringing intelligence to what was largely a guessing game. Now, for the first time, it's easy for companies to accurately predict spare part needs on an ongoing basis, and stock only what they require."
How it Works OnProcess' service consumes the client's bas data and demand-side machine signals, and concurrently runs OnProcess' highly predictive algorithm alongside traditional algorithms that include the client's data inputs. It then compares the outputs using OPTvision. Clients access OPTvision to view recommendations on how to reduce their inventory and new buys. These recommendations are aligned to the client's process and review period, whether weekly, bi-weekly or monthly, so that they're easy to act upon. The Dynamic Parts Planning Service complements and strengthens existing planning methods. Because it's a light-touch service that requires zero integration with client systems and no need to change tools or solutions, it's simple to implement. OnProcess Dynamic Parts Planning Advantages
To learn more about this service, attend the complementary webinar, "Introducing Dynamic Parts Planning," on Wednesday, September 27, 2017 at 11am EDT. Click here to register.
About OnProcess Technology
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