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Industrial Analytics: Applying Real-Time Data Analytics to Revolutionize Industrial Processes
Industry has discovered data. Applying data to industrial business processes is supercharging industrial production and product management. This is industrial analytics. Real-time data analytics of machine, product and process data can reduce unscheduled downtimes, eliminate scrap by-products, improve production, and enable business profitability.
GE has been a pioneer in using Industrial Analytics. Sanjeev Addala, chief digital officer at GE, said that “we’re able to reduce maintenance costs up to 10 percent and reduce more than 20 percent of unplanned maintenance… We give customers all that actionable intelligence so they can plan the right strategy, thus increasing their revenues by two to three percent. This is game-changing, how software analytics can optimize both operations and business outcomes.”
A recent study by IOT Analytics found the following:
- Industrial analytics will be crucial for business success by 2020 say 69 percent of businesses
- Only 22 percent of industrial businesses have the right data science skill sets to be successful
- The top three applications of Industrial Analytics over the next three years are:
- Prescriptive Maintenance of Machines (79 percent)
- Customer/Marketing Analytics (77 percent)
- In-field product usage analysis (76 percent)
