PROOF OF VALUE: FOUR STEPS TO AN EFFECTIVE PREDICTIVE STRATEGY
FEBRUARY 18, 2021
Predictive AI-based solutions provide actionable data-driven intelligence to drive real-world impact in industrial applications and increase profit margins by optimizing productivity, improving quality, and reducing costly unplanned downtime and waste.
By adopting an effective predictive strategy, companies can prevent failures and bad products before they occur, reducing downtime through preventative machine maintenance on as needed basis and decreasing warranty claims and recalls by identifying product quality issues earlier on within a production line.
Proof of Value
The first step in implementing predictive solutions is to determine which components, assets, or processes are most critical and best suited for monitoring. For example, in predictive maintenance applications, assets or components fail relatively infrequently, but that failure often results in extensive unplanned downtime.
Another consideration when choosing a target application is the availability of data. Data is the key to developing predictive solutions, however, not all data is created equal. Determining if the available data is of high enough quality and whether or not it can provide enough information to model the behavior of the target asset or process is the key to detecting deviations and anomalies in the future.
Identifying failure modes is also a critical step, as is analyzing the patterns in the data that occur during these failures. Once these failures are identified, it is then important to establish which failures can be predicted and which solution is most appropriate for the particular application.
The best way to answer these questions is through a proof of value (PoV). A proof of value (or a pilot project) is a small-scale application of the predictive solution with the help of an analytics company, such as Predictronics. Our team of experts will evaluate the available data or suggest data acquisition strategies and solutions, analyze data, construct or configure health models, assist in defining a deployment strategy and deliver an initial software solution through our PDX platform. The businesses who invest in these pilot projects can then utilize their new solution to realize real-world validation, achieve return on investment, and implement an expanded roll-out of the solution to additional assets or facilities.
Framework of a PoV
Predictronics employs a specific proven process for working with new clients in the pilot phase that has resulted in numerous successful engagements. This process is designed to quickly prove the value of our solutions and exhibit the potential return on investment (ROI) gained by adopting our solution at scale.
1. Introduction – One Hour
Predictronics works with the company to identify opportunities within their organization which would benefit from the adoption of predictive maintenance and/or predictive quality solutions with a focus on maximizing ROI and business impact.
Predictronics provides information on existing infrastructure and identifies specific applications to prepare a proof of value proposal.
2. Workshop – One Day
Predictronics schedules an in-person workshop at the company’s facility. The purpose of this workshop is to provide a deep dive into Predictronics solutions to showcase our experience and expertise, through use cases and a live demonstration, as well as finalize the application of this solution to ensure the greatest positive impact for the organization.
Predictronics then connects with key stakeholders who deliver the information needed to finalize the proof-of-value proposal.
3. Proof of Value – Three to Six Months
Predictronics conducts a three to six-month proof of value engagement with the company which focuses on the configuration and development of a predictive health monitoring and/or predictive product quality solution for a subset of critical assets. The success of this project relies solely on the accuracy and timeliness of the data insights and predictions. In order to ensure the best results, data collected on the factory floor must be delivered to the analytics platform in a timely manner, which requires a data pipeline between the source and the application.
Successful PoV…Now what?
Upon successful completion of a proof of value engagement, Predictronics will work with the company to develop a roll-out plan for the solution, as well as determine licensing costs for the roll-out. This roll-out can include an expansion of the solution to other machines within the facility, to the entire facility as a whole, or even to multiple facilities across the globe.
At Predictronics, our data scientists closely analyze factory floor data to identify critical failures and develop projects which highlight the benefits of a predictive strategy. Through these pilot projects, Predictronics demonstrates how our team of experts, enabled by our PDX platform — Predictronics’ scalable, end-to-end predictive analytics solution for acquiring data, developing models, and monitoring critical assets — can provide real-world impact for countless industries.
There has never been a better time to invest in predictive solutions. The global market for predictive solutions is expected to reach a potential size of $23 billion by 2026. A wide range of industry professionals are recognizing the impact of these data insights and investing in predictive solutions, including those in manufacturing, energy, transportation, construction, agriculture, medicine, semiconductors, robotics, and more. Predictronics has proven the efficacy of these solutions through numerous engagements with our clients, including many Fortune 500 or Fortune 1000 companies.
Interested in a proof of value for your business? Contact us here.
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