Have you Invested in Industry 4.0? Time to extract value!
Are you extracting business value from your Industry 4.0 data? For the last few years, Industry 4.0 has been gathering headlines and dominating the vision forward for manufacturing in the US. Collecting vast number of sensor data points across your factory and storing them in a centralized database certainly is a massive step forward, among the other benefits of the factory of the future. This may have been implemented in order to be compliant with a customer or standard. However, that database is a gold mine. The problem is that mining or analysis is a technical endeavor and unless you have a statistician/data scientist on staff, the insights in that database will almost certainly be unexploited. In order to unlock the value of collecting a large amount of data, the data needs to be processed, analyzed, and summarized into actionable information.
Some Industry 4.0 data analysis problems our team is experienced with:
- Finding unstable behavior in past sensor data that explains production interruptions
- Estimating process time for new work from past data for accurate quotes
- Building production models versus sales forecasts
- Projecting throughput implications of large automation investments
- Process parameter tuning to maximize quality/speed of production from sensor data and simulation
- Population claims analysis, including determination of cost drivers
Laurium Labs is in a unique position to help manufacturers analyze their data. We have built multiple Industry 4.0 software products, including controls and manufacturing execution systems. The team's deep industry experience with data includes casting, nondestructive testing, chemical processing, CNC machining, logging, automotive, and controls.
Our team will bring our statistical background (led by a Master's degree in Statistics) and a product mentality, meaning you won't get stuck with static reports that are only useful at a single point, but dynamic analysis packages that can have new data added and new insight found. The financial analyst on our team will provide insight into the business implications of the findings and help interpret any financial data that is included. By providing an analysis tool, this allows the manufacturer to continue running the same analysis on newer data, to see how new trends in the factory are shaping the analysis going forward.
If you are ready to unlock the business value in your Industry 4.0 data, contact us today!