Overview

Digital transformation enables the retrieval, analysis, and display of complete and accurate data. This results in insights to improve business operations, reduce risk, and enhance decision-making. Typically, analyses to help develop competitive advantages are conducted using either of these four methods:

  • Descriptive - real-time streaming and reporting on data as it arrives in dashboards/scorecards.
  • Diagnostic - root-cause analyses to determine the reasons why certain events are happening.
  • Predictive - forecasts for what could happen next based on previous patterns and trends.
  • Prescriptive - actions determined from simulations most likely to maximize business outcomes.

SMI Consulting Technologies' helps enterprises use data visualization, storytelling, and algorithms to transform data into new, actionable insights. These new ideas improve business models, customer experience, products, and services. Popular areas of focus are factory, inventory, spend, and audit analytics.

Factory Analytics

SMI Consulting Technologies helps enterprises improve quality, increase productivity, and reduce risks via factory analytics. Real-time quality inspections are automated with alerts triggered for product or material defects. Unscheduled downtime is minimized via the prediction of equipment failures. Production and equipment are monitored in real-time to reduce environmental, health, safety, and product recall risks.

Below are the factory analyses SMI Consulting Technologies enables for organizations.

TEEP/OEE Improvement

Acquire data, identify trends, and generate insights to minimize equipment downtime, speed up production, and improve quality. Potential OEE recommendations include modernizing non-smart equipment, utilizing predictive maintenance, and optimizing production and quality processes.

Quality Analysis

Obtain a comprehensive view of material, manpower, method, and machine data to detect potential product quality issues early and before rework, scrap, and rejection. These can include raw material and production defects and other non-compliance issues.

Downtime Analysis

Numerous companies underestimate downtime. The objective is to increase accuracy of uptime tracking to reduce downtime and associated costs. Real-time tracking can identify equipment failures, unplanned maintenance, tool and job changeover, and missing operator and materials.

Predictive Maintenance

Use real-time monitoring to collect, monitor, and analyze machine data. Recommendations or predictions are made to reduce equipment failure between maintenance schedules, maintenance costs, and equipment downtime. Alerts, event management, and more automation are enabled to improve EH&S, equipment life, and overall plant productivity.

Inventory Analytics

Inventory analytics help organizations determine optimal inventory levels for all products and locations across the entire supply chain.

A tradeoff occurs between maximizing customer service levels while simultaneously minimizing inventory and lost sales. This is accomplished even in environments of demand and supply uncertainties by real-time monitoring of inventory levels and lead-time variability.

Likewise, organizations (with SMI Consulting Technologies help) also maximize service level and inventory tradeoffs with better demand forecasting, material planning, and inventory optimization.

Demand Forecasting

SMI Consulting Technologies improves demand forecasting to:

  • Increase revenue, profitability, and service levels via greater forecast accuracy;
  • Reduce forecast error, lost sales, excess inventory, and inefficient operations; and
  • Use greater range of demand signals, demand sensing, and statistical algorithms.

Material Planning

SMI Consulting Technologies improves material planning to:

  • Minimize unpredictable supply and increased inventory safety stock compensations;
  • Reduce variable supplier and manufacturing lead times;
  • Minimize transportation delays; and
  • Reduce material and capacity constraints to increase on-time deliveries, order fill rates, and customer satisfaction.

Inventory Optimization

SMI Consulting Technologies helps enterprises optimize inventory to:

  • Improve asset efficiency from reduced inventory and working capital;
  • Reduce inventory obsolescence and carrying costs;
  • Decrease out of stocks, order lead time variability, lost sales, and lost customers; and
  • Ensure optimal levels for every material and finished good at each location in a supply chain network to better meet service level requirements.

Spend Analytics

Several companies are not fully optimizing corporate spend since they lack full, accurate, and timely spend visibility. This is due to an inability to acquire relevant data from all disparate systems and silos across multiple company locations.

Without full spend visibility, companies cannot hold all suppliers accountable, negotiate better conditions and terms, identify savings opportunities, and reduce risks.

SMI Consulting Technologies allows enterprises to extract spend data from multiple systems and silos. The extracted data are cleansed, enriched, classified, and normalized to a common format. As a result, real-time analysis and reporting are enabled; which result in reduced cost and higher profit via the activities below.

Spend Analysis

Used to determine savings opportunities, maverick spend, fraud, risks, and noncompliant and non-approved transactions.

Strategic Sourcing

Utilized to consolidate vendors, identify strategic partners, and generate volume discounts, better terms, and higher quality.

Part Rationalization

Used to identify and minimize duplicate raw materials around a single part and to generate price reductions with preferred suppliers.

Supplier Performance

Utilized to rank suppliers by credit rating, quality of service, quality of product, delivery, price, and payment terms compliance.

Audit Analytics

The goal of audit analytics is to improve performance and governance standards for continued business growth. This entails reducing risk, identifying improvement opportunities and ensuring adequate segregation of duties. Also, analytical runs are performed on entire data sets instead of samples performed through traditional audits.

SMI Consulting Technologies helps enterprises achieve optimal results via purchase, sales, and inventory audits. Additional business areas can be audited based on an organization’s need.

Purchase Audits

SMI Consulting Technologies’ purchase audits reduce risk and cost from:

  • Misuse of procurement cards (P-cards),
  • Unapproved purchases,
  • Duplicate payments,
  • Missed discounts and credits,
  • Payments that exceed approved levels,
  • Payments for goods not received, and
  • Payments to phantom vendors.

Sales Audits

SMI Consulting Technologies verifies sales/account receivables to:

  • Identify and minimize fraud or theft,
  • Reduce overstating of sales and receivables,
  • Minimize fictitious sales and account receivables,
  • Ensure correct revenue and receivable recognition,
  • Reduce unauthorized write-offs of bad debt, and
  • Minimize duplicate sales, invoices, and payments.

Inventory Audits

SMI Consulting Technologies increases inventory accuracy to:

  • Reduce inventory shrinkage via matching physical inventory and financial record counts,
  • Identify slow moving, damaged, stolen, and obsolete inventory,
  • Reduce inventory carrying costs and working capital from overstocking, and
  • Increase revenue and customer service levels by minimizing stock-outs, delayed orders, and returns.

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