Portsmouth, NH; July 05, 2020 – Enventure has been awarded a contract to identify parts and assets specifications, and classifications, to enable accurate spend, and thereby understand opportunities in – inventory, procurement and warehouse.
The client has mines in North, Central and South America, the client holds a significant share in gold, supplies across the globe with multiple mines.
The major challenge for the client is their supplier have been supplying the MRO parts with multi-year contracts, yet not been able to identify what make, model they are purchasing, barring just the generic part category e.g., a bearing, or a gasket, or a belt without specifications.
Enventure estimates that the company may have been purchasing items that would already be available in their warehouse, and from the data analysis, this percentage we believe will be higher than normally present. All the while the company was making ‘procurement and spend’ decisions basis the data they had, and during the engagement they discovered that ‘they do not know what they are buying’.
The approach to address this challenge is by working on that data in phases – by site, by category, which is critical for the success of the project. During the engagement we understood both from the data and the client that the origins of this challenge is due to – multiple formats, multiple systems, multiple bad actors, and acquisitions. This caused them to rethink their entire procurement strategy.
Also put forward an important question – ‘How is their risk with MRO procurement managed?’ The managed MRO Data offering includes – Data Enrichment, Classification, Real-time integration, and ongoing governance. The entire package is enabled with a combination of an online platform – Partlinq®, to automate workflow management – and a dedicated team of MRO Engineers, Data Catalogers, ERP Material master specialists.
“At Enventure, we aim to address two critical aspects for the company viz., Reduce risks and Reduce procurement costs. And to achieve this, we begin with delivering good quality data which is cleansed, classified, enriched, and by eliminating duplicates”, says Joseph Santosh – Head of Partnerships & Solutioning, Enventure.