New Inventory Solution Frees Up Millions in Working Capital While Preventing Stock-Outs
TORONTO--(BUSINESS WIRE)--Mincom, a leading global provider of software solutions and services for asset-intensive industries, announced today at the 2009 Canadian Institute of Mining Conference and Exhibit the release of Critical Inventory Optimization, a software solution that maintains optimal inventory levels while preventing stock-outs of critical parts. Implementing Mincom’s Critical Inventory Optimization solution can help organizations save millions of dollars in working capital.
Asset-and-maintenance-intensive organizations - such as government, mining, defense, energy and transport - rely heavily on large and expensive inventories in order to maintain asset-uptime. Mincom Critical Inventory Optimization is a suite of intelligent, predictive software solutions that identify the optimal holdings of every stock item based on usage patterns and criticality, automatically analyzing and adjusting stock levels and reordering requirements on an ongoing basis.
“A typical asset-intensive company may have more than $100 million worth of inventory on hand at any given time,” said Jennifer Tejada, Chief Strategy Officer, Mincom. “Auditing inventory manually in these environments is a highly labor intensive and prohibitively expensive task, oftentimes performed only once a year, if at all.”
“Automating this process using intelligent software not only relieves organizations of the burden and expense of manual audits, but it can also save millions in capital, which can be difficult to obtain in today’s economic environment,” added Tejada.
In addition to freeing up funds by reducing surplus stock, the Mincom Critical Inventory Optimization solution helps increase productivity by ensuring that all items are adequately stocked, which significantly increases asset uptime.
For example, after the implementation of the Mincom Critical Inventory Optimization solution, Queensland Alumina reduced inventory levels by 14 percent, freeing up over $8 million in working capital.
The Mincom Critical Inventory Optimization solution includes the following features:
* Statistical Inventory Analysis – Automatically fine-tunes and re-tunes performance on a continual basis to ensure maximum performance at all times
* Improved cataloguing – Includes consistent catalogue descriptions and classifications and the removal of duplicate holdings
* Vendor score-carding – Ranks and reviews vendors so that performance can be rewarded, discrepancies tracked and poor performance managed
* Warehouse score-carding – Produces tailored performance scores based on measurement of key performance indicators of the warehouse
* Seamless integration – Seamlessly integrates to any ERP or EAM system
Mincom Pty Ltd is a global software and services provider with nearly 30 years experience in providing business solutions to asset intensive industries such as mining, utilities, transport, defence and government in more than 40 countries across North America, South America, Australia, South East Asia, Africa, and Europe.
Mincom is owned by Francisco Partners - one of the world's largest technology-focused private equity firms, with approximately $5 billion of capital under management.
For more information about Mincom, visit: www.mincom.com.
Mincom Launches Critical Inventory Optimization for Asset-Intensive Businesses