Spare Part Optimization: -
Improving the performance under the given constraints, reduce the overall operating cost and improving the overall plant reliability with help of analytics tools and techniques.
Challenges Faced by Organization
- Varying demand patterns-Trend, Seasonality, and Intermittent.
- Spares requirements are treated as “secondary”.
- Frequent cancellation of orders by dealers.
- Urgent orders from dealers.
Due to the above challenges, organizations end up with either stock out or excess safety stock.
Defour’s Spare Parts Optimization Model
- We have developed End to End Solution package.
- The solution automatically picks the correct analytical model for each segment.
- The solution will not only provide the forecasting of spare parts but the safety stock, minimum and maximum levels of each part.
Illustration of Defour’s Model
We, at Defour, understand the criticality of effective spare parts planning and cost optimization. We have developed advanced solutions in the areas of spare parts demand and inventory management, which would ensure improved availability of spares, at the optimum supply chain cost.
- Goodness of Fit test and Simplex search for optimal parameters
- Stocking strategy based on multi-factor analysis – Value, Quantity, Demand variability, Criticality
- Optimal inventory norms based on inventory planning parameters
Make the best use of Defour analytics expertise in Spare Parts Planning & Optimization, and maximize your business profits, like never before!