Mincom announced yesterday at the 2009 Canadian Institute of Mining Conference and Exhibit the release of Critical Inventory Optimisation, a software solution that maintains optimal inventory levels while preventing stock-outs of critical parts. Mincom says implementing its Critical Inventory Optimisation solution “can help organisations save millions of dollars in working capital.” Mining relies heavily on large and expensive inventories in order to maintain asset-uptime. Critical Inventory Optimisation is a suite of intelligent, predictive software solutions that identify the optimal holdings of every stock item based on usage patterns and criticality, automatically analysing and adjusting stock levels and reordering requirements on an ongoing basis.

“A typical asset-intensive company may have more than $100 million worth of inventory on hand at any given time,” said Jennifer Tejada, Chief Strategy Officer, Mincom.  “Auditing inventory manually in these environments is a highly labour intensive and prohibitively expensive task, oftentimes performed only once a year, if at all. Automating this process using intelligent software not only relieves organisations of the burden and expense of manual audits, but it can also save millions in capital, which can be difficult to obtain in today’s economic environment.”

In addition to freeing up funds by reducing surplus stock, the Mincom Critical Inventory Optimisation solution helps increase productivity by ensuring that all items are adequately stocked, which significantly increases asset uptime.
 
For example, after the implementation of the Mincom Critical Inventory Optimisation solution, Queensland Alumina reduced inventory levels by 14%, freeing up over A$8 million in working capital.  

The Mincom Critical Inventory Optimisation solution includes the following features:

• Statistical Inventory Analysis – Automatically fine-tunes and re-tunes performance on a continual basis to ensure maximum performance at all times
• Improved cataloguing – Includes consistent catalogue descriptions and classifications and the removal of duplicate holdings
• Vendor score-carding – Ranks and reviews vendors so that performance can be rewarded, discrepancies tracked and poor performance managed
• Warehouse score-carding – Produces tailored performance scores based on measurement of key performance indicators of the warehouse
• Seamless integration – Seamlessly integrates to any ERP or EAM system.