SPARETECH automates spare parts management through a global search platform, automated bill of materials checks, and data lifecycle management, significantly reducing inventory levels and procurement costs. By leveraging original manufacturer data, the solution enhances data accuracy and minimizes CO2 emissions, addressing inefficiencies in spare parts sourcing and management.
Funding
$17.1M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
CTCRPAFounders
Product
Problem
Many companies struggle with inefficient spare parts management, leading to high inventory levels, increased procurement costs, and unnecessary CO2 emissions due to inaccurate data and duplicated efforts. Finding the correct spare part is often time-consuming, and managing bill of materials (BOMs) manually is prone to errors.
Solution
SPARETECH offers a software platform that streamlines spare parts management by providing a global search engine, automated BOM checks, and data lifecycle management tools. The platform leverages original manufacturer data to enhance data accuracy, reduce duplicate inventories, and minimize procurement costs. By automating material creation and providing up-to-date information on discontinuations and successor parts, SPARETECH enables companies to optimize their spare parts inventory and reduce downtime. The system also facilitates procurement synergies across different sites and reduces the effort required for technical clarification.
Target Audience
The primary target audience includes maintenance teams seeking to improve spare part identification and material creation, as well as purchasers aiming to lower inventories and procurement costs across multiple sites.
Features
- Global spare parts search across internal material masters and the SPARETECH database
- Automated BOM checks for duplicates and discontinuations
- Material creation workflow using original manufacturer product data
- Data lifecycle management to identify duplicates and remove technical ambiguities
- Updates on discontinuations and successor parts directly from manufacturers
- Integration with ERP systems for error-free product data import
- Intelligent algorithms to avoid duplicates during material creation