Software can evaluate spare parts inventories.March 13, 2008 -
Spares Analysis solution can assess spares for specific equipment strategies, offering site-wide optimal levels for spare items. It is also capable of analyzing and determining spares requirements based upon failure rates, spare inventory costs, logistical constraints, and downtime/consequence costs to provide availability and reliability profile. Software can also define specific material requirements for run-to-failure, preventative, or condition-based tasks.
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Original Press release
Meridium
10 South Jefferson Street
Suite #1100, VA, 24011
USA
Meridium Releases Spares Analysis Solution
ROANOKE, Va., March 5 -- Meridium Inc., the leader in asset performance management (APM) software and consulting solutions, announced the release of its new Spares Analysis solution, the latest addition to the Meridium Reliability Analytics module. Analysis of spare parts inventories, based on data about system and component failures, helps determine the right parts and quantities to hold in stock for repair, as well as identify the best maintenance strategies for reliability improvements.
Meridium's Spares Analysis solution provides the capability to assess the optimal level of spares for specific equipment strategies, offering site-wide optimal levels for spare items, while balancing cost and risk factors. It is also capable of analyzing and determining spares requirements based upon failure rates, spare inventory costs, logistical constraints and downtime/consequence costs to provide an availability and reliability profile.
At Meridium's annual conference in April, The Dow Chemical Company will present "Spare Parts Optimization with Meridium" which will highlight their approach to a small but critical aspect to the overall asset reliability process at Dow. The spare parts optimization software that Meridium has developed as part of the Reliability Analytics module will be used by Dow to evaluate spare parts with the potential for significant economic impact. Dow includes spare parts optimization as a part of their equipment strategy development and plans to integrate usage-based, expert systems and distribution-based analysis into its spare parts optimization process.
Spares Analysis can also define specific material requirements for run-to- failure, preventative or condition-based tasks. The spare definition can include the quantity of spare items to complete the task, the description of the spare, spare capital costs and off-site and/or onsite logistics delays. In addition to the standard spare definitions, companies can define a spare's criticality to help make better informed inventory decisions and meet cost and availability goals.
"Meridium is pleased to be able to offer this important functionality for our clients in the process, power, mining and consumer packaged goods industries. Spares Analysis is the perfect complement to our ever-growing suite of reliability analytic solutions," according to Bonz Hart, President/CEO, Meridium.
About Meridium
Meridium, Inc. is the leader in asset performance management solutions for process, power, mining and discrete manufacturing industries. With Meridium software and services, companies can improve profitability and achieve predictable production capacity without additional capital expense by increasing reliability and improving the performance of their production assets. Industry leaders such as Eastman, Lyondell, Marathon Petroleum and Xcel Energy rely on Meridium for enterprise wide asset performance. Founded in 1993, Meridium is headquartered in Roanoke, VA, USA, with regional offices in Houston, TX, USA; Dubai, UAE; Walldorf, Germany; and Perth, Australia. For more information, visit www.meridium.com
About Dow
Dow is a diversified chemical company that harnesses the power of science and technology to improve living daily. The Company offers a broad range of innovative products and services to customers in more than 175 countries, helping them to provide everything from fresh water, food and pharmaceuticals to paints, packaging and personal care products. Built on a commitment to its principles of sustainability, Dow has annual sales of $46 billion and employs 42,000 people worldwide. References to "Dow" or the "Company" mean The Dow Chemical Company and its consolidated subsidiaries unless otherwise expressly noted.
Source: Meridium Inc.
CONTACT:
Jane Bailey of Meridium, Inc.,
+1-540-344-9205, ext. 1170,
jbailey@meridium.com
Web site: http://www.meridium.com/
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