Unleashing the Power of IoT: Optimizing Inventory with Predictive Analytics
Companies have long struggled to strike a balance between carrying minimal inventory of service parts and meeting service level objectives. With the rise of smart, connected products and the Internet of Things, companies can now better predict the failure of critical components, and reduce machine downtime. Further up the service supply chain, OEMs can take advantage of Predictive Analytics and reduce their inventories while improving service levels. This session reviewed Philips journey from the initial implementation of Service Parts Planning solution towards the future vision of integrating Predictive Analytics into the planning process.