Verizon is one of the world’s largest wireless providers, servicing the most subscribers of any US-based telecommunications company. They ranked 16th on the most recent Fortune 500 list and remained there for 24 years, cementing themselves as a world leader in wireless communications. According to Fortune.com, Verizon posted over $126 billion in revenue and saw its profits rise 129% from 2017 to 2018.
With upwards of 155,000 employees, the Verizon service tech team is responsible for residential or business service requests, including repairs and product installations. Each technician is assigned a vehicle equipped with the tools and equipment for most routine service calls based on past trends and best guesses rather than the current needs. Verizon has over 7,000 vehicles each loaded with over $300,000 worth of equipment. Throughout a typical workday, if a service technician runs out of inventory, they return to the warehouse, restock the vehicle, and delay the remaining service calls scheduled for the day.
Limited visibility into inventory levels created several challenges for Verizon, including delays in productions, inadequately stocking vehicles, and long inaccurate cycle counts. The management team knew there was overspending on inventory and over-allocating resources for more extended cycle counting.
Implementing Apptricity’s automated inventory management system integrated IoT technology gives Verizon the tools they need to cut overspending and reduce hours spent in cycle counting. Before the implementation, Verizon cycle counts would span multiple days and risk manual, error-prone methods. After implementing the Apptricity solution, Verizon saved $2.8 billion in inventory procurement costs. Increased visibility has allows the Verizon team the ability to locate their inventory and count it accurately, drastically cutting the overstocking level that took place and reducing the labor hours spent during a cycle count by 90%.
Apptricity’s Connected Service Vehicle solution is installed in 4,000 trucks; Verizon has gained insight into each trucks’ location and onboard inventory. With the data collected, Apptricity integrated with Verizon’s SAP system for real-time data updates to keep it current with the newest scans. Apptricity tracks over $9 billion of inventory providing automatic updates every 5 minutes.