Predictive analytics seems to be one of the most popular buzzwords of 2019. According to Dresner Advisory Services, over 90% of respondents say that predictive solutions are important. However, only 23% have implemented predictive solutions.
However, predicting anomalies and outages is just the first step – the true value of a solution comes from not only knowing when an event may occur but taking action on the data. Data is streaming in to systems at an unfathomable rate. With all of this data, companies have the potential of doing so much more than just predicting. This is where prescriptive analytics comes into play.
Prescriptive solutions take action or make complex decisions based on data from multiple sources. Essentially, they take the predictions that your AI solution has identified and “prescribe” a solution as data is being generated. This ensures that anomalies never turn into problems and complex decisions, are made immediately.
So how exactly can prescriptive analytics help you? Let me show two examples of how real-time prescriptive solutions can help your manufacturing facility.
Eliminate time or use based preventative maintenance
The majority of companies do preventive maintenance annually, which results in scheduled downtime for the machine. This leads to three problems. First, scheduled downtime, even though less costly than unscheduled downtime, is still expensive. Next, the start of a breakdown could begin right after your annual preventive maintenance check is complete. Finally, often nothing is found during a check, so why did you just stop production for no benefit. Sometimes these checks are only very expensive ways to let you sleep better at night.
So how would a prescriptive solution help? Let’s say a manufacturer had a 5,000 horsepower machine with no backup. The machine has internal bearings that when unaligned could cause significant damage. However, since the bearings are internal it is impossible to visually detect a misalignment. However, with sensors attached to the engine, prescriptive solutions could not only detect when a part is misaligned, but also as soon as the misalignment is detected internally an action could be taken to adjust the machine so the part is aligned correctly.
By having these actions take place in real-time, you no longer have to rely on an employee to take action. This ensures that misalignments or other anomalies are corrected as soon as they’re detected –potentially saving you hundreds of thousands of dollars and numerous headaches.
Optimize production levels
Prescriptive solutions can also make complex decisions automatically. One of the most impactful ways to use prescriptive analytics is using multiple streams of data to automatically optimize production levels. A prescriptive solution can automatically decide which product to produce at the optimal time so that you’re maximizing equipment and personnel, minimizing costs and downtime and producing the right amount of inventory to fulfill orders. This sounds rather simple, but in reality, it’s extremely complex. Making the optimal decision depends on factors like margin on the product, product demand (which in of itself can be very challenging due to things like seasonality or weather), what products aren’t being produced as a result of this, and are the right employees available to run the machines at a specific time.
Making a complex decision like this is something that an employee or most analytics programs cannot replicate in a timely manner. Prescriptive solutions that optimize production levels make decisions when they matter – at that moment so your equipment can adapt in real time to make sure you keep producing the right product at the right time.
Currently, over 70% of businesses are not using predictive analytics in their businesses. Manufacturers can create a more efficient production area and ensure that profits are maximized by implementing not only predictive solutions but real-time prescriptive solutions that allow them to make extremely complications decisions in the moment.
Think that real-time actions and decisions could save your company money? Entrigna can help! We specialize in creating solutions that take action in real-time so you can maximize efficiencies or prevent downtime all leading to an increased bottom line. Find out more about our real-time IoT solutions and consulting services on our website or e-mail us.