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How New IoT-Based Models Could Reduce Service Parts Inventory
February 22, 2017 @ 11:00 AM - 12:00 PM EST
Over-stocking and under-stocking spare parts have become the norm, especially for companies who do review-and-stock inventory planning. Because this traditional planning approach doesn’t account for variabilities from product failures, it’s even more challenging plan spare parts inventory and service demand. But it no longer has to be this way.
In this complimentary webinar, OnProcess and MIT will reveal how to transition from static to much more reliable and cost-effective dynamic spare parts inventory planning. Based on their new research about the impact of IoT data on machine failure predictability and inventory planning, they will explain how companies could reduce inventory while improving service levels and minimizing the amount of new product purchases needed to replenish inventory.