Verusen launches 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.
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.
“Now is the time to invest in asset and inventory management, specifically criticality. Industrials and manufacturers, having survived pandemic-era supply chain challenges, are still struggling with decade-old data concerning their materials management and ERP system,” says Scott Matthews, CEO of Verusen. “Messy data and inattention to criticality can lead to disastrous results. We are excited to bring Verusen AI for Spare Parts Criticality. This disruptive offering enables organizations to move from making emotional decisions about MRO inventory towards a data-driven, risk-based approach. This ensures operational continuity and performance.”
Key Takeaways:
- 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.
- 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’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.