Verusen, a leading innovator in the industrial and manufacturing sector, has launched its AI for Spare Parts Criticality solution. This cutting-edge tool is designed to understand item criticality and operational risk, thereby driving improved stocking strategies for global enterprises and manufacturers. The solution promises to deliver enhanced operational continuity, uptime, and performance.
Understanding Operational Risk and Prioritizing Critical Spare Parts
The AI for Spare Parts Criticality solution processes material data, identifies operational risk for each item, and analyzes and prioritizes the most critical spare parts for continuous operations and production uptime. This reduces operational risk and ensures smooth functioning. The solution measures demand and supply-side factors, including the usage of assets, work orders, Bills of Materials (BOMs), and other market factors such as price and availability of single vs. multi-source assets.
Moving Towards a Data-Driven Approach
Scott Matthews, CEO of Verusen, emphasizes the importance of investing in asset and inventory management, particularly criticality. He notes that many industrials and manufacturers are still grappling with outdated data concerning their materials management and ERP system. Verusen’s AI for Spare Parts Criticality offers a data-driven, risk-based approach to MRO inventory decisions, ensuring operational continuity and performance.
Key Insights and Future Strategies
Verusen’s solution can deliver significant cost reductions for industrial companies, potentially saving between $50M to $190M in on-hand and fast-moving inventory optimization. It can also reduce organization-wide inventory spending by up to 45%. Furthermore, Verusen’s AI for Spare Parts Criticality provides strategic insights to fuel procurement optimization and deliver transformative results.
In a survey conducted by Verusen, it was found that 46% of organizations lack asset criticality in their materials planning process. This oversight can lead to plant or operational downtime, severely impacting profits. Verusen’s solution establishes guidelines for organizations, helping them make informed decisions about stocking up or down, and avoiding redundancy and waste.
