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Benefits of Optimizing MRO Procurement Services for Your Business
Change can be challenging, especially when the organization is working to change corporate culture as well as policy. The MRO supply chain and its associated spend can be tamed, streamlined, and improved if the company is willing to adapt and implement a few best practices.
1. Research, Approve and Integrate a Procurement Software Solution
If the company is not using a software package to manage the MRO spend and supply chain, now’s the time. Modern software makes it easy to track, manage, and control inventory, as well as transaction requests, approval, and verification. The company will not only gain control of their inventory but also have access to valuable data that makes it easy to optimize transaction costs for MRO items, evaluate potential vendors (and track performance for existing preferred suppliers), reduce the number of suppliers in their chain, and slash their procurement budget while still building value.
2. Identify and Track Key Performance Indicators (KPIs).
One can’t reliably measure the success of their MRO procurement if they don’t have benchmarks and standards. Setting KPIs provides the company with essential information that makes the benefits of their initiative clear to upper management and other stakeholders in monthly/quarterly reports.
Some KPIs to consider include:
· Procurement budget
· Vendor performance/supply contributions
· Number of stock-outs
· Maverick spend
· Days/months of available inventory
· Rush orders versus replenishment orders
· Part attrition due to obsolescence
· Centralize Physical MRO Inventory
3. Streamline Procurement with Preventative Maintenance
Once the inventory is cataloged and centrally located, create a schedule—tied to their benchmarks and KPIs—for equipment downtime and, as required by demand and circumstance, order adequate quantities to keep their systems working at optimal efficiency without maintaining unnecessary inventory. Companies find budgeting and forecasting are greatly improved as well, since you’ll be able to identify purchasing patterns and plan accordingly.
4. Harness the Power of Vendor-Managed Inventory (VMI)
If the company will not devote staff resources and time to MRO inventory management, engaging a third-party solution that integrates with the procurement software is a very effective way to achieve optimal efficiency and savings.
VMI, pushes less paper, trim the transactions with on-demand purchases tied to just-in-time procurement planning, and easier invoicing thanks to fewer purchase orders. Depending on the VMI organizations choose, suppliers may even provide product storage equipment (e.g. shelves, bins, etc.), and manage inventory ordering and physical replacement. Your staff has what they need, when they need it, and your supplier restocks and invoices based on either usage or a specific time period.
5. Educate Staff on the Importance of MRO Inventory Management
Best practices are only effective when they’re followed. Connect the procurement team with their MRO staff for interdepartmental educational opportunities, and provide adequate training for procurement software as well as clear explanations of the benefits of value-driven business processes. With everyone on the same page, it’s much easier to work toward the same procurement strategy.
Conclusion:-
Properly managed, a company’s MRO supply chain can be a source of not just cost savings, but tremendous value for the organization. Bring MRO in out of the cold and into a centralized procurement strategy driven by well-defined KPIs and full staff support. The employees will spend less time on inventory, and more time on what matters: supporting your company’s success.
MRO Procurement Support
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MRO Data Classification
The fundamental requirement of a good MRO material master is to have all commodities accurately classified as per industry standard classification systems such as UNSPSC. Good classification systems follow a hierarchical structure, by grouping items into the right categories, which can be mapped to the company’s internal commodity structures as well.
In an asset extensive organization, there is a significant focus on the MRO supply chain, as MRO items are critical for plant uptime and reliability. There is also considerable spending on MRO items, driving the need for good spend analytics capabilities. A good data classification system enables powerful spend analytics, while also enabling commodity managers to manage procurement more efficiently.
There are various data classification systems available today, such as UNSPSC, eCl@ss, ETIM, MESC, and ECCMA (ISO 8000) to name a few. Our team of MRO Engineers are experts at most industry-standard classification systems, and we have also developed customized classification systems for clients to meet specific business needs.
mro data Classification
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Product Information Management System & PIM solution
Accurate and complete Product Information Management (PIM) is crucial for a successful e-commerce strategy, to enhance the consumer experience, boost sales, and improve analytics for omnichannel sales. The maintenance of consistent and high-quality product data is key to a scalable digital strategy.
Overview of PIM Solutions
Enventure’s PIM solutions provide a comprehensive answer to the challenge of “How do I maintain my PIM data accurately and cost-effectively?”. Our services are holistic in nature, covering everything from information sourcing (via web and direct engagement), validation, normalization, enrichment, curation, and cross-referencing. We collate information from multiple sources, online and offline to provide you a clean, consolidated, classified, and enriched Product Database for your PIM system. And if you already have information available, we can curate and enhance that, to improve the accuracy of information. We also engage with clients in creating their PIM Blueprint, covering the data model, taxonomy, attribute schema, and ongoing data governance system.
PIM Solutions
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The colonial hangover of the west and why it still sees India as a failed state.
Since 2014 India has fallen into many globally measured indicators. One of them being the Fragile States Index, previously it was called as Failed States Index. This index records the securities of all types and economic development. As per FSI, the nations that are most likely to maintain their success are the Nordic nations of Finland, Norway, Denmark, Finland, Canada, New Zealand, and Australia. India stands nowhere next to these countries or the next two categories of these countries. India stands in the fifth category from the bottom known as Elevated Warning with nations like Colombia, Brazil, Israel, Algeria, Russia, and Senegal. Although there are 30 nations in this category, only four nations have declined since last year i.e. Brazil, Colombia, Bolivia, and India.
Federal States Index gives a detailed chapter on India, mentioning why they consider India’s future is shared with bottom-line nations rather than with the prosperous and democratic western countries that India wants to be with. FSI is much of the opinion that the ruling government’s poorly thought and implemented reforms have declined India’s economic growth making it stand to its lowest nominal since 1978. The Modi government has responded to this in form of an embrace of protectionism, higher government investment, bank lending targets, and direct export assistance. These reforms have been unable to reverse this trend. In the matters of national security, the country records the turmoil in Kashmir, religious divisions, and the attack on free speech. To explain thoroughly a failed State is one where the government is not in control.
India needs to control their rule of law, economy, security, stability, and development. Indian history as a formal democracy and its generally gentle and kind image around the world has hidden the country’s fragility elsewhere. India as a nation running after its citizens firmly has startled other nations. The world links India's failing on the economic front as it is linked to the Hindutva agenda. This is tearing apart the social fabric and thus harming what it sees as the security of Indians. The Fragile States Index can only predict things where they are and notify the people where India is heading. It cannot mention what is needed to be corrected. As a matter of common sense is that the first thing Indians should do is stop doing what they are doing under the Modi government. This is taking them in the wrong direction both economically and socially.
When compared to the previous ruling government the country was earning and eating more in 2012 than in 2018. From 2018 it has been 36 months that India is declining in its growth. What the situation is currently in the economy only God knows. With all the possible details provided by Fragile States Index, India is nowhere seen working on reversing the decline situation. Probably the nation is heading towards economic disaster. This seems to be a self-dug hole digging deeper with each failing reform of the Indian government.
Fragile States Index is predicting a future for India that will frighten Indians if they were to be told that this is where they have headed. But even though it has delivered a recession, on the back of three years of economic decline, with record unemployment and severe social stress, this is not the narrative Indians are being fed by its government. A couple of decades or so ago, Indian analysts took great joy in the fact that the index was predicting that Pakistan was fast becoming a failed State. Well, the Indians had not anticipated then that India would be put on the same trajectory and so soon.
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CRICKET – A GAME THAT 11 FOOLS PLAY, 11 THOUSAND FOOLS WATCH, AND 11 MILLION FOO
Is your blood boiling yet at being called a fool? I too am a fool – I watch it too. The only difference is that I watch it for the strategy by which the match is fixed, and you think that the game is really being played out there.
Someone, who has spent decades in the fields of intelligence and national security told me that every cricket match is fixed – especially if India is involved. According to this individual, all it takes is 3 people. I am not saying someone threw their wicket away – not even saying that someone bowled intentionally badly; cricket is such as glorious generator of data that betting happens on just about every aspect of the game.
For instance, many might have bet on an India win at Headingly, before the match commenced. If I had bet and seen the first two wickets fall so quickly, I would have cut my losses and sold it. But the diehard romantics that we Indians are, we always quote convenient statistics that this fellow will win the game for us or that bowler will bowl out the opposition cheaply and let our emotions dictate our betting.
While everyone bemoaned India’s batting collapse, no one questioned Kohli for winning the toss on a cloudy day at Headingley, where the ball swings the most, and electing to bat first! By the way, this is not the first time, Kohli did this. In Champions Trophy final, in June 2017, he won the toss against Pakistan and elected to field on a road front of a wicket. Then dropped catches, 13 wides and lacklustre batting at the top ensured that India lost by 180 runs . And at the end of the match, when the Coach Anil Kumble questioned Kohli on his decision to field, he got fired! Again, no one opened their mouth.
When it came to select the next coach, Virender Sehwag, Tom Moody etc. applied for the job. But none of them got it. When asked, Sehwag said that “he did not have any setting with the BCCI! ” Then Ravi Shastri, the eternal go-to-coach of the Mumbai Cricket Manage, was asked to apply and got the job. Reason given was that he was Kohli’s choice . Whatever, it is time that he as well as the Captain go. Kohli can still play at tests if he can make it to the playing 11. Dream on, you say? Watch this video till the end, I will tell you how to fix this. If the coach and captain cannot select the proper playing 11, then what are they for?
How was the match fixed in this case, you ask? After being bundled out for 78, who should have Kohli started out with? Someone who can swing at pace. Instead, he bowled Ishant Sharma, who was slow
https://www.indiatoday.in/sports/cricket/story/india-..
https://www.business-standard.com/article/current-aff...
https://www.wionews.com/sports/players-will-go-out-ne..
and kept bowling at the legs of the openers. These are questions that journalists traveling with the team should have asked at the presser at the end of the day. But they won’t. They can’t.
To understand the powerful ecosystem that controls the game, read my book Who painted my lust red? You can get it for Rs. 100 off from Amazon.
TEAM FOR THE FOURTH TEST
Ishant is not 100 percent fit and I said this at the start of the second test itself. If I were selecting the playing 11, I would make the following changes, assuming all pacers are fit.
Surya Kumar Yadav for Rahane
Prithvi Shaw for Ishant Sharma and
Ravi Ashwin for Ravi Jadeja
WHY ASHWIN?
Because it spins at the Oval. And this is a wet summer. He is the best bowler that is now being kept out of the playing 11. I can go on. If you disagree, pl. send them as comments.
But most likely, this is what will happen – they will play Hanuma Vihari (oh! he saved the Sydney test, conveniently forgetting to mention who was batting on the other end), bring another pacer for Ishant and persist with Jadeja. Winning is not the goal here. Making money is.
CONCLUSION
How to fix this? Stop betting on cricket. Watch the game, enjoy it – just don’t bet on it. Once the honey (betting money) stops the bees (read politicians) will stop. And cricket the game, will thrive. Thanks for watching and buy the book. The sale is for a limited time.
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MRO Solutions
Enventure’s MRO Solutions enable organizations to enhance and maintain the integrity of their master data, take control of spend analytics, enhance procurement capabilities, optimize cost reduction through supplier rationalization, and better sourcing practices.
Developing a ‘single version of truth’ by consolidating data from multiple systems, departments and geographies is the first step towards MRO Data Excellence. Enventure helps you perform Data Audit, Taxonomy Design, Material Cataloging, Data Cleansing and Enrichment, Data Classification and so on.
Talk to an MRO Solutions Expert today! Visit: mro master data management
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10 things that prove Kejriwal is the biggest fraud in Indian Politics.
Arvind Kejriwal has been a habitual liar in prospect to his official ranking and his party AAP’s policies. He is well known among the citizens as the man of U-Turns. There have been quite a few incidents where his declaration over the media has changed as per the requirement of the situation. Although the number of his lies far exceeds the number of days his party AAP has existed, we take a look at 10 of them that we find more worth sharing.
1. Anna Hazare’s movement was a copy of the World Bank Agenda. The main motive for this anti-corruption movement was to increase the penetration of international capital in India. Anna’s team members Arvind Kejriwal and Manish Sisodia run an NGO called Kabir, which had received $400,000 from Ford foundation. Later Kejriwal accepted in a Business Standard interview, that his NGO Kabir had received 4Lakh USD from the Ford Foundation.
2. Kejriwal had protested in Delhi asking for justice for Nirbhaya and strict punishment for rapists. On the other side, he gave a Loksabha ticket from south Bangalore to Nina P. Nayak. Nina had supported and fought for a lesser punishment for the Nirbahya Killer and most brutal rapist Muhammad Afroz. It was Muhammad Afroz who had double raped Nirbhaya, inserted Iron rot in her body, took out her intestines. Due to brutal assault by Afroz, Nirbhaya had died. Arvind Kejriwal has given justice to Nirbhaya by giving a Loksabha ticket to the savior of her rapist and murder.
3. Taking amiss at a remark by Arvind Kejriwal in 2013 that he chose to work in the public sector over being an income tax officer and earning crore. The Indian revenue service (Income tax) all India body, in an exclusive two-page letter points to Arvind Kejriwal that he had never worked on the position of IT Commissioner. In fact, his batch till date has not been promoted to that position. His unnecessary utterance was damaging their image of fine service.
4. Arvind Kejriwal said he supported the cause of poor farmers and understood their plight. Yogesh Dahia, involved in a 300 Crore scam of farmer's money is now a member of the AAP agriculture reform committee and he got the ticket from Saharanpur. The petitioners had alleged that Dahiya, who is a member of Lok Sabha, along with the then ADM Randhir Singh Chauhan and GAIL AGM K P Singh acquired the land for the GAIL pipeline, siphoned off over Rs 300 crore by not paying the adequate compensation to the farmers. In fact, 44 AAP candidates, including Mr. Kejriwal, have criminal cases against them.
5. Arvind Kejriwal said Robert Vadra should be jailed and he said he supported Ashok Kemka. Ashok Khemka had exposed Robert Vadra's illegal land deals. After Vadra was exposed, the Congress party transferred Ashok Khemka and put Yudhvir Khyalia in his place. Yudhvir made all illegal deals of Robert Vadra legal and restored all licenses of Vadra and created a charge sheet against Ashok Kemka. AAP gave a ticket to Yudhvir and now he is a member of the AAP land acquisition committee!
6. Arvind Kejriwal said he would never give the ticket to corrupt and criminals. We have seen so many instances where his candidates are criminals and corrupt both. In total 44 AAP candidates so far have criminal cases against them. M. Pushparayan from the Thoothukuddi constituency has assets worth Rs. 87lahhs, NIL Liabilities, and 380 cases filed against him. Udaykumar s. p. from the Kanyakumari constituency has assets worth Rs. 2 crores, liabilities of rs 2 lakhs, and 382 cases filed against him.
7. Arvind Kejriwal along with Shazia Ilmi in his speech at CII said that during his 49 days government there was a reduction in corruption. This information was provided by an ex-employee Transparency international. Later Transparency international sent letters and clarified that they never conducted any such surveys and there were no unpublished reports.
8. Arvind Kejriwal has given Anjali Damania a LokSabha ticket from Nagpur, Maharastra. She was involved in the irrigation land scam with her partners Switu Mehta and Vanita Ahluwalia. When people had questioned about Anjali Damania Land scams, Kejriwal called her an ordinary volunteer, but later gave her a LokSabha ticket!
9. Kejriwal on camera said no sitting MLA from his party will fight the 2014 general election but now he himself (a Delhi MLA) going to fight Loksabha election.
10. The Delhi Chief Minister had promised to pass the Jan Lokpal Bill within 15 days of Government formation. But nothing was done. In fact, it backtracked saying that the Central Government had issued a directive which is why they were unable to pass the Bill in Delhi Vidhan Sabha. The truth is, the Central Government had issued the directive on Jan Lokpal Bill a long time back. Arvind Kejriwal was aware of this even before the elections in Delhi happened.
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Asset Management Services
For businesses to succeed today, inventory and asset management is crucial. They are the backbone to your supply chain, and it is important to know how data is – collected, managed, and analyzed, that will dictate the success of asset management.
Key aspects of efficient asset managementControl of assets register
Up-to-date spares BOM
Optimal inventory of spares
Work order management
Efficient asset maintenance plan
Improve asset performance
Enventure’s helps organizations achieve this throughConnected Maintenance as a Service (CMaaS)
Efficient Spares Management
Application Support for EAM Software
For More Visit: Asset Management Service
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Maximo is enterprise asset management software originally developed by Project Software & Development (later MRO Software) with the first commercial version released in 1985.
Maximo is designed to assist an organization in managing its assets such as buildings, vehicles, fire extinguishers, equipment recording details such as details, maintenance schedules and participating in workflows to manage the assets
Maximo Asset Management provides insight for all your enterprise assets, their conditions and work processes, for better planning and control. With Maximo Asset Management you can:
· Manage which users can log in to the system and which sites, applications, and menu options each user can access.
· Transfer product configurations and customizations from development to test to production environments. Migration Manager facilitates management of regulatory compliance efforts.
· Integrate Maximo Asset Management with your external financial applications to use your financial application to access and track Maximo Asset Management data and transactions.
· Develop and implement workflow to automate your business and management processes.
· Maximo Asset Management is highly customizable and both the user interface and the help can be adapted to suit your business requirements you can change applications to meet your specific business needs. The Application Designer provides a graphical user interface for configuring applications without editing a line of code.
· Integrate enterprise applications and create business flows between Maximo Asset Management and your framework applications.
What companies use Maximo?
End of interactive chart.
Segregating Maximo support customers by industry, the largest segments are Professional Services, followed by Oil, Gas and Chemicals industry, construction and real estate companies, utilities industry, manufacturing industries, aerospace and defense sector.
Companies using Maximo support for IoT Based Enterprise Asset Management include:
· QuadReal, a Canada based Construction and Real Estate organization with 1000 employees and revenues of $13.69 billion.
· Volker Wessels Stevin, a Netherlands based Professional Services organization with 16600 employees and revenues of $5.00 billion.
· Interserve Group Ltd, a United Kingdom based Construction and Real Estate organization with 68000 employees and revenues of $3.48 billion.
· Mitie, a United Kingdom based Professional Services organization with 48900 employees and revenues of $2.93 billion.
· Sydney Water, an Australia based Utilities organization with 2794 employees and revenues of $2.31 billion and many others.
MRO Solutions
#mro cataloging#mro mining#mro taxonomy#mro data classfication#mro data enrichment#mro classification
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MRO Data Governance
A well-designed Master Data Governance (MDG) program is essential for the ongoing maintenance of MRO data quality. Good quality MRO data improves accuracy, optimizes supply chain operations and lowers inventory costs.
All asset-intensive organizations commonly encounter data anomalies due to the involvement of multiple stakeholders managing CMMS / ERP / EAM systems across various locations and manufacturing facilities. Lack of standard taxonomy, single governance mechanism, and absence of streamlined workflow in building MRO catalogs and Asset BOMs hinders the control over spend analytics, accurate material data and supply chain management.
Read More: https://www.enventure.com/services/mro-solutions/mro-data-governance
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10 Things To Look For When You Are Buying A New Apartment
Being able to buy an apartment is a time for joy. Indeed many salaried Indians aspire to own a home dearly and cannot resist investing in one even when they require financing. It would certainly not do to jump on the bandwagon simply because your friend is buying an apartment. Bide your time instead and make inquiries about the efficacy of the project. Check with a reputed real estate agent and get answers to the following aspects well before you decide to approach the seller...
1. Brand & Goodwill- The developers in India today are extremely busy for most of them have multiple projects coming up simultaneously. Do not make a hurried decision because you want a home of your own at the earliest. Instead, ask around and test the reputation of the builder. You may want to conduct discrete research online to gather more information about the projects both completed and the ones under construction.
2. Driving Distance- It is always best to look for an apartment within the city limit especially if you happen to be employed. You surely do not want to drive for an hour every day to reach your office. Such a scenario will not only make you frustrated with wastage of time but you will also start resenting the inflated fuel costs during the commute.
3. Connectivity- No man is an island and you will be eager to bond with other people residing in your vicinity. It is always better to have an educational institution, places of recreation, and bustling markets close at hand. This will enable you to live life king size as you have everything you need nearby.
4. ROI- The apartment that you buy may well serve as your home for the next few years but no one knows what life has in store. Do not be shocked at the prospect of leaving the place and moving elsewhere in the future if circumstances warrant it. You would want to check out the resale potential of the apartment under construction that you civet and think about whether you can sell it to another individual at a profit a few years hence.
5. Rent ability- Do not be sad if you cannot find a buyer in a hurry. Sure, leaving the home vacant with no maintenance would not be the right decision. Ask a property broker to find a tenant instead especially when you hope to be back in the city a couple of years later.
6. Environment- You do not want to live in an apartment that is enclosed on all sides. Make sure to invest in one that allows in the natural light as well as the pleasant breeze. The view should be pretty amazing if you are interested in a high-rise apartment building.
7. Amenities- Check the number of rooms and interior of the apartment before finalizing the deal. Moreover, you are likely to be offered several amenities when you choose to live in a gated community. While you should insist on security, entertainment centers, and a swimming pool would be an added advantage.
8. Construction- You also need to buy an apartment that boasts superb construction quality. Feel free to check the interiors such as paneling and thickness of walls as well as the quality of fixtures along with the standard of electrical wiring before saying ‘yes’ to it.
9. Surrounding Roads- You may want to look at the surrounding roads and consider an area that has multiple points for going out. Sticking with a single road entrance may be dangerous and difficult to navigate during the monsoon.
10. Locality- Last but not least, speak to your neighbors and walk through the locality to see whether you would enjoy living in such an area. The safety of your family would b of utmost importance here. Find out more about the pros and cons by communicating with long-time residents there.
Know About villas for sale in Bangalore Visit: https://www.pridegroup.net/bangalore
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Best practices for MRO data classification
If you have experienced challenges in the past to ensure good MRO data classification, then you are certainly not alone. Many well-known companies within the procurement sector find MRO data classification to be a complex process. The effectiveness of the MRO material master can be enhanced only through accurate classification of all the commodities and products according to a classification system that is regarded as an industry standard. Common classification systems for MRO include UNSPSC and eCl@ss. The best classification systems always adhere to a hierarchical structure and group all the items into proper categories that can then be mapped and related to the internal commodity structures of the company.
It is common for the asset extensive organizations to focus greatly on the functioning of the MRO supply chain since the various MRO items are vital for ensuring the reliability and proper functioning of the plant. By using an excellent data classification system, it is possible to work with robust spend analytics and better procurement practices.
Here are the best practices for MRO data classification.
High data quality
Superior data quality should be maintained at all costs, without which it won’t be possible for companies to benefit from MRO data classification. This means that duplicate part numbers should be removed and standard systems for product classification should be followed. This can help in connecting the nonstandard classifications with the OEM part numbers. Such practices can improve the value of the inventory.
Offering the best support to the suppliers
When it comes to product standardization and the improvement of the MRO process, the suppliers can be of great help. Therefore, by supporting the suppliers it is possible to ensure a good deal of cost reduction. Indeed, plant maintenance teams are always insisting on standardization practices. However, such efforts should be internally supported by the procurement team as well as by the suppliers. This can create a lot of value within the MRO industry. MRO distributors can work with manufacturers and integrators to provide a high level of services and a great deal of functional knowledge that can help their client organizations.
Complexity should be removed from MRO management
One of the major obstacles of smooth MRO data classification is of course the presence of complexity at its different stages. It is important to standardize the product’s specifications and ensure the proper functioning of the supply base to cut down on complexity. When you are working with a handful of strong suppliers, you can support the OEMs and the MRO distributors that they must have from the procurement team. Efficiently managing relationships with the supply chains can be beneficial in many ways.
Efficient mapping of key processes
The supply chains and the organizations looking to work with MRO should maintain a proper view of the relevant maintenance processes so that they can detect the sources of complexity quickly and have them resolved. In many cases, businesses ignore such complexities but they should be dealt with immediately. This mapping of processes can ease MRO data classification.
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