Equipment used on the factory floor will require spares or back up components, to minimize downtime and make sure that any faults or breakdowns are dealt with quickly and efficiently. Without an informed spares strategy, businesses are left with one of two options: either they stock everything they could possibly need, or they make reactive purchasing decisions based on the needs of the moment. Neither of these is ideal. Therefore, Enventure analyzes the DATA to provides an accurate view of the spares necessary for the asset, immediately and in the future.
Inventory Cost Reduction
We recommend organizations to challenge MOQ’s (minimum order quantities) and price quantity breaks, while suppliers require MOQ’s or quantity price breaks to compensate for their costs of setting up a job. Further, organizations need to avoid creating policies that bring about performance failures that generate artificial supply and demand variability which, in turn, typically results in unnecessarily high levels of inventory.
A detailed taxonomy will help one know, how parts are to be named, what categories they belong in, to enable organizations to identify hierarchies and characteristics of a part. i.e. short description, long description, UNSPSC, eCl@ss, eToD, ETIM…. Enventure works with organization to develop customized taxonomies, capitalizes on existing dictionaries, and utilize our proprietary technology to build accurate taxonomies.
Pricing, and Lead Time
Enventure helps organizations with multiple options across a network of suppliers, and even alternates with best pricing and lead times. We not only collect the data, but also identify – right pricing from across suppliers, bulk quotes, procurement partnerships, thus saving time and money for organizations, and finally do direct uploads to specific data fields in the CMMS. Prior to delivering, we analyze data, such as – Logistics data (mode of shipment, time of shipment, nearest distribution center), and Pricing data (today’s price, discounts available, cost of holding the spares), and other data points, such as – expirations, cost to maintain the part, storage requirements, along with material history, such as – issues, returns, dispositions.
MRO Inventory Optimization
To achieve key business benefits, Enventure helps organizations with an approach that evaluates – high criticality, long lead time, high price, generally infrequent and highly variable usage, and DATA quality. We deploy a continuous monitoring system, where the data points are measured in near-real time and help managers with a decision support system that incorporates best practice methodologies to manage their business objectives and make their teams significantly more effective.
Asset BOM creation
We specialize in creating Bills of Materials (BoM) for assets, to enable identification of accurate spares, create Spare Parts Interchangeability Records (SPIR), optimize procurement and ensure critical stock availability. There are multiple types of BOM’s that are created and maintained, such as – Equipment BOM, Function location BOM, and Material BOM.