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WillowTerry
Matrose
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| Posted: 10 December 2021 at 10:55 | IP Logged
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"Re you working for an industrial company that is discarding most of its data? Are you wondering whether that data is valuable? We can help you decide.
Predictive maintenance techniques and software have evolved over the years. Companies do not need to rely on techniques where they import data to spreadsheets and uncover insights manually. With the increasing usage of AI and machine learning algorithms in predictive maintenance tools, now, businesses can accurately predict maintenance tasks thanks to big data.
Advanced equipment such as Internet of things (IoT) and Industrial Internet of things (IIOT) and robots are generating more data than ever before. However, factories’ analytics capabilities have not caught up to this. According to Fero Labs, manufacturing companies discard 98% of all the data they can collect because they do not have the operational analytics capabilities to integrate that data into their operations.
And are they right to discard that data? No, according to McKinsey&Company. McKinsey predicts $1-4T value creation p.a. in 2025 due to IoT in the factory setting globally. A large portion of that value creation is due to industrial analytics and predictive maintenance. Naturally, we would expect hype around these impressive values and according to GE, even back in 2014, big data analytics was one of top 3 priorities for >84% of CxOs in factory settings.
Predictive maintenance (PdM) and industry 4.0 companies step in to fill the gap between data and insights for industrial companies. predictive maintenance software allows companies to store and analyze critical outputs of their machinery. One of the key things to do with that data is to improve maintenance and input parameters of their machinery.
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FrankJScott
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FrankJScott
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FrankJScott
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Topic: Re you working for an industrial company
