Predictive analytics are increasingly being used by carriers and MROs to prevent component failures, but what about market optimization of those components on the supply chain side? According to Jens Peder Pedersen, CEO of Beep Analytics, there is an untapped industry need for analytics solutions directly targeted toward OEMs and distributors.
“We didn’t realize until recently that when you talk to OEMs or distributors, most of them don’t really have any providers of solutions that allow them to understand the market space they’re operating in,” explains Pedersen. Although platforms exist to provide information about aircraft value and utilization, Pedersen says there is a noticeable absence of solutions on the market to help companies understand market demand on a part number level and the overall competitive landscape within the marketplace.
Traditionally, Pedersen says suppliers have used historical data about part sales and higher-level aggregated data about fleet development to predict customer needs. He adds that although some suppliers have tried to build their own analytics solutions, those have usually been directed toward a specific segment or product number line rather than looking at an entire product portfolio.
To help suppliers understand their true market potential, Beep Analytics targets “proactive data” about products such as individual customer sales histories, PMA and catalog data to create predictions about market demand using artificial intelligence and machine learning predictive technology. Pedersen says Beep Analytics’ FlightDeck platform provides a more “bottom-up” solution for suppliers because it makes predictions down to a part number level while considering a supplier’s performance, total size of a market space and competitors’ activities.
Beep Analytics has increasingly seen interest from OEMs since FlightDeck’s launch in September 2018 and Pedersen says the platform is currently running in five test environments with prospective OEMs. The company has been collaborating with parts distributor Proponent—the first company to run the full FlightDeck platform—for nearly two years and recently started a partnership with PartsBase to integrate its data into the platform.
Pedersen says Beep Analytics hopes to collaborate with other industry marketplaces in the future to cover more ground and create a more robust solution. In addition to onboarding new customers, Beep Analytics plans to continue working with existing customers to expand FlightDeck’s functionality and capabilities.
“We want to finish building the product and make it stronger to show companies that have onboarded that we’re able to deliver the insight that makes them stronger in the marketplace,” says Pedersen.