Published on 11/09/2016 | Market Sizing
For manufacturers and their customers, the most critical asset is their data…
What IS ‘Big Data’?
There are 350,000 tweets posted per minute. This translates to 80 Gigabytes of data generated by Twitter each day. While this might seem impressive and significant, the amount of data generated by one single airline engine on just one flight, dwarfs this figure.
During a commercial flight, sensor data such as the engine’s health and status is constantly sent to diagnostic engineers to be closely analyzed. This equates to approximately 500 Gigabytes of data per engine, per flight. When you realize there are over 100,000 flights per day, that’s over 100,000,000 Gigabytes of data generated by commercial flights each day!
This is what you call: BIG Data.
To start, most critical engine failures are preventable (like the burning engine pictured above) due to sensors constantly monitoring and sending out data.
Every day there is more critical industrial equipment, such as engines that power aircrafts and turbines, being installed globally. Terabytes of more operational data is being generated daily and millions of new sensors are going online (10,000 sensors are installed on each wing of the new Airbus airplanes, for example). But, engineering experts struggle to keep up with the massively expanding service management of these critical, large equipment assets that power our daily lives.
See the trend?
In fact, one of the largest commercial engine manufacturers manages over 30,000 engines within their global fleet that generate over 350,000 alarms per year. These critical alarms are sent to service centers for engineers to diagnose and solve, in near real-time.
More than 50% of all industry alarms are false positives, which still have to be diagnosed by engineers. These are alarms that engineers should NOT be spending their highly valuable time working to solve.
This means each year, hundreds of millions of dollars are spent on alarms that are NOT valid.
Engine manufacturers have sophisticated analytics and support systems to manage their engine fleets for their customers, but this is not enough.
The current solutions are not solving the increasing problem.
Optimize the time and workflow management of highly skilled engineering labor.
Replace manual processes with automated solutions to improve the workforce efficiency of these skilled engineers.
Increase the profitability of service contracts on all industrial equipment, like turbines & engines.
Reduce the 50%+ false positive alerts and alarms that appear to be an industry standard.
Provide predictive insights that reduce unplanned downtime and prevent equipment failures.
By combining the existing knowledge of engineering experts and automating root cause analysis based on their direct engineering input into a software platform developed by engineers, for engineers. The outcome is a scalable and intuitive solution that allows engineers to make faster, more effective business decisions that benefit their customers.
The NarrativeWave Solution:
The NarrativeWave platform was developed to ingest large volumes of data, communicate what is relevant, and provide immediate actionable business insights. These business insights are developed by engineers within the NarrativeWave platform and benefit both the engineers managing the alarms and the customers they support.
Engineers have a solution that enables them to quickly diagnose what happened, why it happened, and what to do next.
In essence, the NarrativeWave platform takes operational data and generates near, real-time operational business outcomes. These business outcomes reduce unplanned downtime, false positives, and even prevent equipment failures.
The platform has been tested and developed by engineers who manage these critical alarms and alerts on critical industrial equipment assets.
During a recent client pilot, NarrativeWave demonstrated a 95% time reduction on processing alarms, greatly increasing the efficiency of the engineering resources as well as the accuracy. This proved the opportunity for a multi-million dollar savings per yearfor this manufacturer. These savings do NOT factor in the increased value to the manufacturer’s clients (Utilities, Oil & Gas Operators, Industrial Power Generation Plants) by presenting the business insights generated by NarrativeWave.
“The Internet of Things (IoT) is being called the next Industrial Revolution — it will impact the way businesses, governments, & consumers interact with the physical world. Nearly $6 trillion will be spent on IoT solutions over the next 5 years”. John Greenough, Business Insider, July 2016
For consumers, improving their daily lives by automating and personalizing their experience with connected devices (smart homes, self-driving cars, etc).
For manufacturers, Industrial IoT enables improvements that impact customer service, product support, and asset health management – to start. Optimizing their operational data with new Industrial IoT software solutions help manufacturers and their clients improve their products and services more rapidly, predict downtime using real-time analytics, and reduce maintenance costs that benefit their clients. This is exactly how NarrativeWave can help manufacturers and their clients today.
Who are the industrial companies leading the new Industrial IoT world?
Most industrial companies have recognized the growing business need and profit potential of the burgeoning IoT space: from smart cities to cargo tracking to smart manufacturing to asset management. At the forefront of IoT investment and innovation are large industrial giants like General Electric, Hitachi, and Siemens (to name a few).
What’s next for industrial manufacturers?
The opportunity for significant cost savings and new recurring revenue lines in the form of software solutions, such as NarrativeWave, will be extended to their large customer bases.
For all industrial manufacturers and their customers, the most critical asset in the future will be their data and how they use it to operate their businesses more effectively. Ultimately, for some, the use of data will become a huge competitive differentiator for years to come.
“GE (and all large industrial manufacturers) are investing heavily in the Industrial Internet to increase their service revenue because it helps them retain equipment customers, provides a value-add for it’s service offerings, and to more efficiently inform customers when their equipment needs services.” Lee Samaha,Motley Fool, February 2016
This article was originally posted on LinkedIn.