Parts are vital to maintaining the reliability and uptime of your equipment. Having the necessary parts on hand can be a difficult balance: understocking means you risk running out of a critical part, while overstocking increases your working capital unnecessarily.
The parts forecaster is an applied AI solution that helps you achieve this balance by using Fiix work order and inventory data to predict demand. It uses these predictions along with the stock on hand and minimum stock quantity (as configured in the CMMS) to recommend purchase quantities in your Parts Forecaster dashboard.
For example, if we predict that you'll need 20 parts this week, and you have 30 on hand with a minimum stock quantity of 15, we'd recommend that you purchase 5 parts. This would allow you to use the 20 predicted parts, while still maintaining the minimum quantity of 15.
To learn more about the parts forecaster, see the following articles: