The industrial internet is promising big cost savings that boost the overall profitability of a business. Optimising the performance of plants or assets using IoT data is tipped to have a tremendous positive impact on companies’ bottom lines.
To put these potential savings into perspective, Schneider Electric has launched a new tool that links predictive maintenance and asset performance with profit.
Launched earlier this month, the EcoStruxure Profit Advisor tool is an IIoT solution that enables industrial customers to measure and control the profitability of their operations in real time.
Profit Advisor mines both historical and real-time data which is then processed through Schneider Electric’s accounting algorithms to determine real-time operational profitability and potential savings.
“While many companies are getting really good at controlling the efficiency of their operations in real time, they’re still managing their business month to month. That just doesn’t work anymore,” said Peter Martin, vice president of innovation, Schneider Electric process automation.
“Business variables are changing so quickly—sometimes by the minute—that by the time companies receive updates from whatever enterprise resource planning systems they use, the information is no longer relevant to the business decisions they need to make or should have made. If they want to change the game, they need to control their other real-time business variables, including their safety, their reliability and especially their operational profitability.”
Chris Lyden, senior vice president, process automation, Schneider Electric, said industrial customers are struggling with how to manage and use emerging technology to their advantage.
“Everyone wants to talk about all this new technology without focusing on what value it can deliver,” Lyden said.
“From our perspective, the digitisation of industry is a real opportunity for our customers. We’re taking a value-focused approach to IIoT because we know our ability to innovate at every level can help our customers control their productivity and profitability in real time. That’s the only reason we should be talking about IIoT to begin with.”