Decision Analytics and Decentralized Ledger Technologies for Determination and Preservation of Spare Part Value in Aircraft Maintenance
The research project focuses on the evaluation of Data Analytics and Decentralized Ledger Technologies (DLT) / Blockchain methods to address information asymmetries and inefficiencies in business processes for the use of spare parts. The evaluation is carried out from the perspective of a Maintenance Repair and Overhaul (MRO) company in the aerospace industry. The industry is characterized by non-transparent transactions in the handling, repair and trade of spare parts. Due to mutual distrust in the industry, there is a lack of uniform platforms for the exchange of information.
Aircraft spare parts serve the rapid exchange of defective parts and ideally avoid expensive aircraft-on-ground situations. Understanding the fair market value of the surplus parts is of eminent importance for a company's competitive advantage. Decisions such as purchase, sale, storage or scrapping are made on the basis of the determined value. Domain experts state that the value of a part depends significantly on its specific characteristics, condition and workshop event history. If the proof of this history is incomplete, a complete loss of value of the part can occur, since safety-relevant parts, for example, may no longer be used without complete proof.
Two core problems can be derived from this context:
- A valuation of spare parts (so-called fair market value) is only possible with great effort due to incomplete information. An unreliable valuation leads to incorrect decisions on the use of parts and excessive scrapping.
- Complete documentation of workshop events is required for safety-relevant parts so that they can be used. Due to mistrust in the industry, documentation is still carried out in paper form today. The analogous process leads to a loss of information and thus in turn to the basically avoidable scrapping of valuable spare parts.
These problems are addressed in the publications.