Date: March 12, 2019
Media Contact – Tom O’Neill
Vice President of Marketing and Product Management
Virtulytix Releases SuppliesIQ 2.0
The Next Generation of Automated Predictive Supplies Fulfillment
Virtulytix has released version 2.0 of SuppliesIQ™ the groundbreaking SaaS predictive shipment enabling tool for automated supplies replenishment. Already adopted by dealers and major MPS infrastructure providers in North America, Europe, and South America, SuppliesIQ™ has undergone a complete redesign of the core analytics and machine learning engines using a new platform running on the secure Microsoft Azure cloud in this latest release.
The greatest challenge most fleet managers face when implementing automated supplies fulfillment systems is correctly calculating just in time delivery of supplies to customers. Fleet managers cannot afford to ship supplies late resulting in supplies arriving after the current supply is empty creating customer dissatisfaction and risking customer loyalty. Nor can they afford to ship supplies too soon, which avoids customer dissatisfaction but results in supplies waste and loss of profit when the old cartridge is replaced before it is completely empty. Supply items can still have up to 40% of their capacity left when the device shows a ‘low’ status resulting in considerable waste if the item is replaced at that time. Storing extra supplies at the customer site ties up inventory cash, creates more waste, or even shrinkage due to theft.
The unreliability of supplies gauges on office imaging equipment such as copiers, printers, and MFPs, as well as the irregular printing patterns of most users, make timing just in time delivery extremely difficult. Add to this the fact that many fleets are multi-vendor, OEM proactive alert systems are proprietary, and vendor devices have different low and empty supply alert thresholds it becomes virtually impossible to get an automated fleet wide supplies replenishment system to work so supplies ship and arrive just in time for the benefit of the customer and the supplies provider.
Virtulytix ‘s SuppliesIQ™ is the first vendor agnostic, device neutral, and fleet management software independent solution developed to solve this problem by using advanced predictive analytics technology. Capturing device and cartridge use data from any device or data collection agent, then use Artificial Intelligence (AI) and Machine Learning (ML) to understand patterns of usage, SuppliesIQ™ generates predictions of the actual empty date for the supply cartridge and can provide shipment alerts that supply providers can use to make certain supplies get to the customer WHEN the customer needs them. Not too early and not late.
SuppliesIQ™, with its AI and ML, has been used to monitor and predict supply empty dates for every major brand of office printing and imaging equipment including (but not limited to) Ricoh, HP, Xerox, Konica Minolta, Lexmark, Kyocera, Brother, Samsung, Canon, and Okidata. Some of the new features and advantages of SuppliesIQ™ version 2.0 include:
· Improved performance and throughput providing efficient processing of more devices using fewer resources
· A reduced system cost structure enabling Virtulytix to offer significantly lower service prices resulting in an even higher ROI for clients
· More algorithm enhancements to handle unique challenges for devices that have poor reporting, inaccurate gauges, and other anomalies
According to Tom O’Neill, VP of Marketing and Product Management at Virtulytix, “SuppliesIQ addresses the ‘gremlins’ which keep fleet managers from optimizing the profitability of their fleets, and that can lead to customer dissatisfaction”. According to Mr. O’Neill, “We will continue to evolve the SuppliesIQ™ platform, improving performance and ROI for our clients. This new platform gives unique capabilities which cannot be easily replicated and continues our vision and leadership providing advanced analytics to the office products industry. We also see a large opportunity to apply our predictive replenishment model to clients outside of the office products industry, as we’ve done in Nuclear Power, Semiconductor, and manufacturing, to address inventory, supply, and logistics challenges.”
Formed in 2017 Virtulytix is comprised of two group services; the Virtulytix Imaging Industry Group and the Virtulytix Predictive Analytics Group.
Virtulytix Predictive Analytics Group is a leader in providing advanced analytics solutions which empower device manufacturers, resellers, and fleet managers to realize the full potential of their IoT enabled devices and fleets. As the developer of the unique SuppliesIQ™ service, an automated predictive supplies fulfillment solution, Virtulytix enables OEMs, distributors, and dealers managing fleets of imaging devices to achieve accurate just-in-time supplies replenishment. This ensures customers get their supplies WHEN they need them - not too early and not late. Using the IoT and tools such as IBM Cognitive solutions, Python, and R the company’s team of data engineers and data scientists develop Artificial Intelligence (AI) and Machine Learning (ML) models to produce predictive and prescriptive analytics that help clients improve customer satisfaction, reduce costs, minimize replenishable item waste, and avoid unplanned maintenance. Used in the print and imaging, nuclear power, semiconductor, and manufacturing industry these predictive and prescriptive analytics solutions address inventory, supply, and logistics management challenges.