Verusen has launched its AI for Spare Parts Criticality evaluation & optimization solution that understands item criticality and operational risk to drive improved stocking strategies for global enterprises and manufacturers.
Spare parts for the world’s largest industrial manufacturers, including oil & gas and mining, comprise a multi-billion dollar opportunity optimization. Verusen processes material data, identifies operational risk for each item and analyzes and prioritizes the most critical spare parts for continuous operations and production uptime to reduce operational risk. Specifically, AI for Spare Parts Criticality measures demand and supply-side factors, including where/when/how assets are used, assessing work orders, Bills Of Materials (BOMs) and other market factors, including price and availability of single vs. multi-source assets.
Verusen AI for Spare Parts Criticality delivers strategic insights to fuel procurement optimization and deliver transformative results. It helps organizations adopt a scalable and sustainable risk-based inventory approach that:
Ensures inventory materials are assigned an optimal criticality to reflect their true priority to operations.
Maintains updated criticalities with an “always-on” solution
Aligns procurement and operations teams on material needs
Pivots discussion from stocking levels to service levels
Ensures consistent understanding and prioritization of spare parts across the organization.