Industrial Inventory Management
Inventory management is one of the main aftermarket challenges for OEMs. Balancing supply and demand to ensure optimum availability of parts is complicated because breakdowns occur randomly. OEMs attempt to resolve this problem by maintaining a high percentage of obsolete inventory, yet they still struggle to ensure parts availability for customers.
A key step in improving parts availability is to shift away from using historical sales performance to gauge demand. Instead, OEMs should find ways to analyze real-time data on customers, their products, and their buying behaviors to improve forecast accuracy.
OEMs can leverage the power of predictive models against real-time data to get the best idea of what parts to stock (and how much) at any given time.