Industry’s First IoT-Based Spare Parts Planning Service Reduces Inventory by Six to 10 Percent, Saving Millions in Carrying Costs
Ashland, MA, September 19, 2017 – OnProcess Technology, a global pioneer in service supply chain management and optimization, has earned the prestigious Golden Bridge Bronze Award for Best New Service for its Dynamic Parts Planning Service. The service, which OnProcess announced publicly last week, is the industry’s first IoT data-driven offering to predict spare parts demand. It enables companies to safely cut inventory by six to 10 percent, saving millions of dollars in carrying costs while improving service levels and fill rates.
“OnProcess has been a pioneer in post-sale supply chain services since our founding. We’re thrilled that, in awarding us Best New Service, Golden Bridge judges have recognized the breakthrough impact of our IoT-based Dynamic Parts Planning offering,” said Mike Wooden, CEO, OnProcess Technology. “Now, instead of overstocking inventory—which many companies do at great expense so they don’t run out of parts—businesses can accurately predict spare part needs and stock only what they require, when they need it.”
OnProcess leveraged two decades of post-sale supply chain and advanced analytics expertise to create a proprietary spare parts planning algorithm that incorporates machine failure predictability, in partnership with Massachusetts Institute of Technology Center for Transportation & Logistics. The game-changing model is the centerpiece of OnProcess’ Dynamic Parts Planning Service.
OnProcess’ service consumes the client’s base 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 OnProcess’ proprietary OPTvision microanalytics and visibility platform. Clients access OPTvision to view recommendations on how to reduce their inventory and new buys.
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.
To learn more about OnProcess’ award-winning service, attend the complementary webinar, “Introducing Dynamic Parts Planning,” on Wednesday, September 27, 2017 at 11am EDT. Click here to register.
About the Golden Bridge Awards
Golden Bridge Awards are an annual industry and peer recognition program honoring best companies in every major industry from large to small and new start-ups in North America, Europe, Middle-East, Africa, Asia-Pacific, and Latin-America, in Best New Products and Services, Best Innovations, Management and Teams, Women in Business and the Professions, Case Studies, Customer Satisfaction, and PR and Marketing Campaigns from all over the world. Learn more about Golden Bridge Awards at www.goldenbridgeawards.com
About OnProcess Technology
OnProcess Technology is a managed services provider specializing in complex, global service supply chain operations – the flow of people, parts and services following the sale of a product. The company’s deep expertise, purpose-built technology delivery and embedded analytics-based process improvement, enable clients to quickly optimize and scale operations, grow revenue and profitability, and deliver superior customer experiences. OnProcess provides services in 23 languages and operates in five global facilities, including its Massachusetts headquarters and facilities in Maine, Costa Rica, India and Bulgaria. www.onprocess.com
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