Spare Parts Planning Service Cuts Inventory up to 10 Percent, Saving Millions in Carrying Costs
Ashland, MA, December 14, 2017 – OnProcess Technology, a global pioneer in service supply chain management and optimization, has earned the One Planet Bronze Award for “Innovative Service of the Year” for its Dynamic Parts Planning Service. The service 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.
“For decades, manufacturers have based spare parts inventory on historical demand and gut instincts. Because planning was so imprecise most companies overstocked to hedge their bets. OnProcess’ Dynamic Parts Planning Service completely changes parts inventory management by building IoT data about failed parts in the field into planning,” said Mike Wooden, CEO, OnProcess Technology. “It’s exciting to have One Planet Awards recognize the significant impact of our service: enabling businesses to easily and accurately predict spare part needs, stocking 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 and Logistics. The game-changing model is the centerpiece of OnProcess’ Dynamic Parts Planning Service.
OnProcess’ service consumes a 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 compares the outputs using OnProcess’ proprietary OPTvision℠ microanalytics and visibility platform. Clients access OPTvision to view recommendations on how to reduce 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.
About the One Planet Awards
One Planet Awards recognizes companies for business and professional excellence. Honors are conferred in category sections including outstanding individuals, executives, teams, new products and services, PR, Marketing, and Corporate Communications, and organizations from all over the world. www.oneplanetawards.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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