Fiix, a Toronto-based asset management software provider, announced the launch of Fiix Foresight, the first and only AI engine for maintenance.
Foresight fuses the benefits of industrial AI— data capture, pattern detection, analysis, and real-time insights— with Fiix’s market-leading maintenance platform into an easy-to-use, no coding required system purpose-built to help maintenance teams proactively detect problems, identify opportunities for improvement and make quick, data-based decisions.
“Industry 4.0 technology like software, sensors, and mobile apps are generating piles of data, which has only increased over the past few months as COVID-19 accelerates digitization across the board. But the companies that are going to thrive now are those that can put that data to work and Fiix is answering that call,” says James Novak, CEO of Fiix.
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The launch follows an incredibly strong June for Fiix, with the company seeing significant momentum both in customer and revenue growth as maintenance teams globally look to modernize their operations.
Foresight represents the next step in Fiix’s mission to transform the MRO market by connecting tens of thousands of organizations, millions of assets, and an ecosystem of solution providers. It follows the introduction of Fiix’s Integration Hub and acquisition of industrial asset intelligence company Alchemy IoT in Q3 of 2019.
The first feature released on Fiix Foresight is the parts forecaster, an easy solution for manufacturers struggling to balance storerooms. It works by analyzing historical data in Fiix to predict parts needs, eliminate stock-outs, and reduce the amount of working capital tied up in the storeroom.
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Early beta customers using the parts forecaster are seeing a 50% increase in parts forecasting accuracy and up to 40% reduction in stockouts. Additionally, some customers have seen a 50% reduction in working capital reserved for parts— a significant number for manufacturers who, on average, keep $3-5 million in MRO parts on hand at a time. These cost-savings represent a leg up for manufacturers in a post-COVID world where any expense will be under scrutiny.
“We’re working on several different projects right now aimed at right-sizing our maintenance and right-sizing our storerooms. To do this, we’ve integrated Fiix with Majik Systems and are now integrating Fiix with our SAP. We’re really excited to get rolling with the new parts forecaster tool this year. There are going to be many benefits for us including reducing our carry costs – this could be huge for us globally,” says Tony Leombruno, CMRP, Corporate TPM Champion.
“The Fiix AI team is working on some pretty incredible stuff! And the more it runs, the better it will become at forecasting for us. This speaks to the convenience and ease of use of the Fiix system,” he says.
Parts forecaster is just the beginning for the Fiix AI engine, which will ultimately help industrial organizations coordinate and understand their people, parts, and assets and make proactive decisions that yield real business results.
“This isn’t AI for the sake of AI. In developing this solution we’ve been hyper-focused on solving big problems for our customers. The best part is that Foresight makes the Fiix solution smarter and more powerful without adding any complexity for the end-user— they just see the results,” says Novak.
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