Are you experiencing these issues today?
- Can’t find an existing part – takes too long
- Lack of useful information on parts
- Inconsistent information on parts
- Not able to share parts across programs
- No single governance process for new parts
- No data standards or lack of enforcement
Impact to your business:
- Easier to create a new vs find existing parts
- Increase in new part requests – leading to proliferation issues
- Varied prices on similar parts
- $10k for every new part number raised
- Many different suppliers for similar parts
- Excess parts creating high inventories
Impact to your bottom line – higher direct material costs for your business – this is a recurring cost too!
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Frequently Asked Questions
What value can our company expect from Classification project?
The value for classification extends across functional groups. Engineers can find parts more easily. Sourcing can manage their purchasing spend better with better pricing and less suppliers. Product management can sell more service parts online with better part descriptions.
What value can we get if we just classify new parts?
Setting up a part governance program that requires all new parts to be properly classified including entering attribute data is a start. This will stop the bleeding with what is creating the data quality issues. To allow your engineers to find existing parts or assist sourcing with managing direct material spend, you will need to classify your legacy data as well. Start with the high priority part groups first to drive the most value.
What do we need to provide as input the Classification process?
To obtain the most value early in the project, start with your purchased parts. You will just need the Manufacturer’s name and part numbers to start the process. If you don’t have this information, have your suppliers provide it.