Syncron is changing the way aftermarket inventory is being managed for the aerospace industry. By leveraging years of experience in the automotive, construction and mining spaces, the company has built a visionary suite of supply chain solutions that can add value to any aerospace company dependent on the availability of spare parts. Inventory Management and other software solutions from Syncron open the lines of communication between supply chain partners and uniquely position aerospace clients to exploit the availability of stock and take profit management to the next level. Here’s how:
Improve Efficiency (Inventory Management)
Efficiency within the aerospace supply chain is essential in order to maintain profitability. Syncron’s comprehensive inventory management system increases efficiency by ensuring the right stock is at the right place at the right time. When a more transparent view of the supply chain is available, business becomes less reactionary. Movement of stock can be closely monitored and management can focus resources on proactive inventory planning rather than putting out fires from day to day. It becomes easy to recognize in-service fleet size and location changes. The reliability rate for spare parts becomes simple to comprehend. And, large amounts of data from the Big Data revolution begin to be collected efficiently and effortlessly analyzed to create innovative, knowledge-based strategies that impact the bottom line.
Telematics tracking creates mountains of Big Data useful for inventory planning, and it is becoming increasingly more popular with aerospace manufacturers. This information can be used to drive spare part planning requirements through predictive maintenance. By having the correct parts available when maintenance is planned, aircraft spend less time on the ground. Telematics is still in its infancy but Inventory Management by Syncron is poised to connect with these technologies and help the aerospace industry capitalize on every opportunity to cut costs and improve efficiency.
Connect Key Players (Collaborative Inventory Management)
Once the groundwork for a solid inventory management solution has been put in place, aerospace companies can continue to reap rewards by sharing future demand plans and inventory across the entire supply chain ecosystem. Similar to retail inventory management in other industries, Syncron’s Inventory Management promotes a collaborative approach between aerospace integrators, MROs, and OEMs, helping pass inventory details seamlessly between entities without delay and allowing everyone involved to speak the same language. Instant feedback from the entire network can drive productivity, profit, and customer loyalty while reducing inventory and risk.
Merge Pricing Capabilities (Price Management)
Inventory management is extremely powerful. But those in aerospace who are even more serious about improving profits will want to take things even further by considering value-based pricing solutions as well. After all, optimum pricing strategies cannot be established without understanding the effects a price change will have on sales and, therefore, both inventory and availability.
The synergy created by using Syncron’s Inventory Management with Price Management makes it possible to collect the information needed to understand the effects of enterprise pricing changes over time, in-service aircraft fleet size changes, and end-of-life service part burn down curves. With that insight, overall contract profitability in the long term can be determined.
Software as a Service (SaaS)
The historical concerns around data security and co-located data has given way to the realization that SaaS is the most cost effective way to deliver, administer and upgrade software. The web-based model not only keeps the total cost of ownership low, but also reduces complexity and aids in transparency by giving users access to real-time accurate information around the clock. Syncron has been delivering SaaS solutions since 2006.
Benefits at a Glance
Do the math! Comprehensive inventory management solutions from Syncron can produce huge advantages for those in the aerospace industry.
- Having the right parts in stock reduces aircraft on ground (AOG) incidences, and improves turnaround times. This leads to a higher customer satisfaction rating and additional revenue from repeat customers.
- Reducing excess stock frees up capital that can be put to better use growing the business.
- Forecasting can be improved making it simple to anticipate all types of demand patterns (including slow, lumpy and erratic).
- Automating day-to-day activities saves time and allows management by exception.
- By creating more predictability, warehouses become more efficient. Handling and transportation costs decrease.
- Cost reduction opportunities can be more easily identified.
- Value chain analysis improves.
- Overall profitability increases.
To learn more about Syncron and its innovative solutions for inventory management in the aerospace industry, call Erik Lindholm at 855-298-7245 or email at email@example.com.