How do you plan the right inventory levels when you have intermittent demand, the seemingly random, highly sporadic usage pattern that is especially prevalent with spare parts?
If you are like most spare parts planning organizations, then you typically rely on traditional forecasting approaches, rule of thumb methods, and “planned” maintenance schedules to determine stocking requirements. Join Phillip Slater, Founder of sparepartsknowhow.com and spare parts management thought leader as we discuss these approaches, why they often fail, and how new probabilistic forecasting methods can make a big difference to your bottom line. By attending the webinar you will learn:
1. What is intermittent demand and why is it so hard to forecast;
2. Why traditional forecasting methods and rule of thumb approaches fail;
3. What is Probabilistic Modeling and how does it improve Spare Parts planning.
Our session will be presented by three industry leaders in spare parts planning and management:
Phillip Slater, spare parts management consultant, author, and founder of SparePartsKnowHow.com who will introduce and moderate our session.
Thomas Willemain, Ph.D., co-founder and SVP Research for Smart Software, will lead off with an executive view of probabilistic forecasting, the challenge of intermittent demand planning, and describe an effective inventory planning framework.
Greg Hartunian, President and CEO of Smart Software, will provide real life examples of classic planning approaches and their pitfalls, and then demonstrate a field proven alternative, service level-driven methodology to manage risk and find the optimal balance between inventory investment and availability.
We hope you will be able to join us, but also understand that many of you will find this time difficult. We will be recording our webinar, so please register if you are interested and you will automatically receive a link to the replay.
After registering, you will receive a confirmation email containing information about joining the webinar.