Mincom Critical Inventory Optimization Automatically Adjusts Inventory Levels to Mitigate Production Risk While Reducing Non-Critical Surplus Stock
Mincom, a leading global provider of software solutions and services for asset intensive industries, announced today that Intrepid Potash, the largest producer of potash (potassium chloride) in the United States, has successfully implemented the Mincom Critical Inventory Optimization (MCIO) solution, ensuring availability of critical parts that enable operations to run 24/7 at the Carlsbad, NM, site. MCIO, integrated to Mincom's EAM solution, rapidly determined optimal stock levels, resulting in $3M savings in ensuring accurate lead times for critical parts to avoid asset downtime and a $2M reduction in inventory carrying costs.
With over $12M in inventory, Intrepid Potash needed a solution that would accurately plan its stock levels, ensuring accurate lead times on critical spares while reducing unnecessary carrying costs. Intrepid Potash selected the Mincom Critical Inventory Optimization solution based on Mincom's 30 years of expertise in mining as well as MCIO's advanced reporting capabilities and vendor score-carding.
"Critical inventory optimization solutions can not only free up significant capital tied to inventory carrying costs but also ensure asset uptime for industries that operate around the clock and in remote locations," said Bill Polk, Research Director, AMR Research. "Negotiating accurate lead times for critical parts is crucial in mitigating the risk of production shut-down."
"Mincom's reputation combined with the user-friendliness and robust functionality of the Mincom Critical Inventory Solution sealed the deal for us," said Rudy Dominguez, Corporate Director of Materials, Intrepid Potash. "In addition to ensuring availability of critical parts and the resulting cost-savings from the reduction of non-critical stock levels, the solution demonstrated to us the direct impact our buyers have on negotiating lead times with our suppliers. This will certainly lead to significant cost savings in the future."
"Intrepid's rapid time to value with the Mincom Critical Inventory Optimization solution is a testament to the importance of maintaining accurate inventory levels," said John Benders, vice president, solutions for asset intensive industries, Mincom. "For asset-intensive industries that operate around the clock in remote sites, maintaining stocking levels of critical spares while reducing overall carrying costs not only leads to more efficiency, but also to millions of dollars in cost savings."
About Mincom
Mincom Pty Ltd is a global software and services provider with 30 years of experience in providing business solutions to asset intensive industries such as mining, energy, public infrastructure, defense, and oil and gas in more than 40 countries across North America, South America, Australia, South East Asia, Africa, and Europe. Mincom Inc. operates in North America and is a subsidiary of Mincom Pty Ltd. Mincom is owned by Francisco Partners, a leading global private equity firm focused exclusively on investments in technology and technology-enabled services businesses. For more information about Mincom, visit: www.mincom.com.
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