The Intersection: IIoT and Service Parts Planning
Many conversations revolve around combining IoT data with data already available via various business systems. Service parts planning is often integral to this. Key to properly planning parts heavily depends on better planning inputs. Where do service parts planning and IIoT intersect?
Better managed Alarm Response Automation (ARA) of IoT-enabled assets contributes to:
- predicting maintenance events,
- initiating pre-emptive service (which minimizes asset downtime),
- managing asset utilization (for more accurate failure rate forecasts), and
- securing as-configured data (which enhances views into replaceable parts).
On the data side, service parts planning gains a new vantage point. Not only does the reflection of ARA contributions improve the accuracy of demand events, provide more granular failure rates, and increase insight into replaceable part data, but it enables better forecasting and optimization of service inventory. This results in:
- increased machine uptime, and
- more productive supply chains.
Time to Act
While each member throughout the supply chain may be at different phases of IIoT-enablement, every member has an opportunity to position themselves as a winner in the race for data. Definite opportunities await an organization whether it be a manufacturer, OEM, distributor, or dealer.
There are ways to monetize. By setting the stage to monetize on IIoT efforts, supply chain members have a unique opportunity, especially when automation is so integral to success.
In the end, the cost of remaining in IIoT purgatory far outweighs the price of taking action.
The combination of the resulting data from both IIoT ARA and service parts planning, sets the stage for an organization to capitalize and monetize on their IIoT investments.