Companies are drowning in data. A study of more than 50 Fortune-1000 companies found that while 81% of executives considered their data investments “successful” — a record high — only 48% of these firms reported achieving measurable results. And, in terms of developing data-driven cultures, only 37% of executives considered their efforts successful.
This is an increasingly common scenario in industries, buildings, and utilities alike. It is what we call DRIP- Data Rich, Insight Poor.
DRIP- Data Rich, Insight Poor.
Hundreds of data points are being generated and monitored each second. But enterprises are having a hard time processing dense data streams to fish for value. How do we convert this data into insights- into business intelligence that aids decision-making and empowers YOU?
With our flagship solution SmartSense, we not only help you create advanced visualizations but also provide asset efficiency analytics and insights – actionable alerts and recommendations. These Insights are designed to improve equipment performance and give early warnings of degradation, even potential failures.
But then again, how much can you trust these insights? Say a prediction was made, should the team stop the line and/or start expensive investigation jobs or run till obvious issues appear? It is a difficult question.. made more complex with personal objectives, groupthink, and earlier experiences. Essentially, it puts a question mark on the premise of ML-powered PdM itself – because the model depends on verification of all recommendations; false positives and negatives included!
But then again, how much can you trust these insights?
So we take Asset Management one step forward. We work with you every step of the way to convert your data into insights that you can trust. In all our projects, we propose a tested progression – Verify-Comment-Review-Trust.
We start with providing detailed condition monitoring, which can be verified for accuracy. Then we start configuring complex, multi-parameter alerts, which can be commented on for correctness. In parallel, the team can start putting maintenance activities and observations. This allround view of the asset (digital twin) is reviewed continually. Trust in alerts builds up first – for the same belief in recommendations to follow.
Instead of thousands of data points flashing on your screen, you now get actionable insights– replete with recommendations, comments, and benchmarks, to adapt algorithms to your own asset. It forms an essential feedback mechanism that only gets better with time.
With a detailed and personalized dashboard for condition monitoring, our client partners- get the complete capability to set, monitor, and analyze alerts and activities. Dozens of reports build their confidence in the verify-comment-review steps!
This approach takes time and patience. But given the importance of winning trust, is it not worth it?
When you can get insights that you can trust, no one should have to grapple with gigabytes of data.
Don’t let your enterprise DRIP. When you can get insights that you can trust, no one should have to grapple with gigabytes of data. Contact us today to learn more about how you can extract value and maximize profits with our globally-recognized, time-tested analytics platform- SmartSense.