Company's first AI for accurate forecasting will help to strengthen maintenance services

Mitsubishi Electric Corporation (TOKYO: 6503) announced today that it has developed an artificial intelligence (AI) technology that accurately forecasts demand for repair parts. Leveraging the company's Maisart^®* AI, the technology is expected to help avoid over/under-supply of parts needed to service appliances and other equipment and thereby strengthen inventory management and parts availability as well as improve service quality.

* Mitsubishi Electric's AI creates the State-of-the- ART in technology

Product Features

1) More accurate demand forecasting

• By incorporating Maisart AI, demand forecasts for individual parts have been improved on average by 25.6% compared to the company’s existing production–sales–inventory (PSI) planning and management solution, which is based on factors such as seasonally adjusted 12-month shipment-volume averages. Mitsubishi Electric’s new method uses AI learning data on characteristic demand trends for each type of part, such as air filters and controller boards. To forecast demands, the technology clusters trend components, then matches clustered trends to specific repair parts, and finally adjusts the results for seasonal factors.

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