Effective MRO (maintenance, repair and overhaul) requires meticulous management of up to several million parts per plane, where any unavailability can result in costly aircraft-on-ground (AOG) events. Traditional solutions to manage this complexity involve implementing safety stock formulas or maintaining excessive inventory, both of which have limitations and can be financially untenable. Lokad, through a probabilistic forecasting approach, focuses on forecasting the failure or repair needs of every individual part across the fleet and assessing the immediate and downstream financial impact of potential AOG events. This approach can even lead to seemingly counter-intuitive decisions, such as not stocking certain parts and instead paying a premium during actual need, which may, paradoxically, be more cost-effective than maintaining surplus inventory. Furthermore, Lokad's approach automates these decision-making processes, reducing squandered time and bandwidth and increasing operational efficiency.
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