Spare Parts Management & Supply

A mid-sized manufacturing company holds over 50,000 spare parts on an average. Managing that is no easy task especially when you have to make sure you keep the correct spares in correct quantities to avoid delays in production. There are a lot of challenges associated with managing the Spare parts like supply, stock planning, obsolescence, and inventory management but one of the most critical challenge that most of the companies fail to even identify is Stock Optimization.

As a common practice, companies identify a list of spare parts for different processes, assign a spare part number to them and manage their stocks separately. What they fail to focus on most of the times, specially with Tooling Spares is identifying common spare part families, clubbing them together and leveraging that for massive cost savings and inventory optimization.

We at Dainsta completely recognize this pain and hence we decided to shoulder this burden with our customers with our COPIT Service.

COPIT (Common Parts Identification Technique) is a specialized service provided by Dainsta where we make use of Machine Learning and Data Analytics technologies to identify common spare parts based on the parametric features and categorize them into families to take maximum advantage of bulk & MOQ based orderings.

Here is how it works:

Our COPIT Algorithm performs a profound parametric analysis for all your tooling spare parts, considering the size, shape, geometry, material, and other critical parameters.
Based on this analysis, the algorithm identifies common spare part families and club similar spare parts together.
Combining the spare part usage data with the categorization, our Algorithm makes the right bulk ordering and inventory level recommendations.
Using these recommendations and analysis results, we provide you with the most optimum pricing for your Tooling spare parts.
With our recommendations and pricing, you save up to 45% cost in Spare parts.

Let us explain this with an example. A manufacturing company named ABC corporation holds 50,000 spare parts across their 3 global locations. A lot of the tooling spares among these are “Stainless Steel L brackets” with slightly different sizes and holes at different locations. As a common practice, ABC corp. place separate orders with different MOQs and hold separate inventories for all these L brackets resulting into huge spare part costs.

When Dainsta performs a COPIT analysis on all their spare parts, our algorithm identifies all these common L Brackets and categorize them into on single family. Based on the yearly consumption, we recommend bulk ordering quantities and the optimum pricing. Now even though the parts are slightly different from each other, but the manufacturing and setup process for them remains the same and hence when ordered in bulk, ABC corporation is able to get the same parts at a more economical price, taking advantage of the cost saved in Setup, material ordering and bulk quantities. As a result, ABC corporation is able to save up to 45% cost for a single family of spare parts.

COPIT is a cutting-edge technology that is proving to be a revolution in the world of Spare parts management. It can result in massive cost savings and spare parts inventory management optimization for your organization. For more information about this service, please contact our customer support team today at [email protected].

Manufacturing & Tooling

Processes

Materials

Finishes