Co-Creating the Future Series: Part 4–The Power of Prediction

In part four of our Co-Creating the Future series, we investigate how manufacturers can take operational performance to new levels with intelligent prediction. This post was originally published on SIG’s SIGnals blog.

In part three of our Co-Creating the Future series with SIG, we explored the potential of intelligent data analysis in optimizing both machines and workflows. But digitization in industrial applications isn’t just benefiting performance now. Perhaps more importantly, it has the power to predict performance in the future.

Maintenance is a key strategic concern when developing and manufacturing products. But according to research cited by Deloitte, poor maintenance strategies can reduce a plant’s overall productive capacity between 5-20%, while unplanned downtime costs industrial manufacturers an estimated $50 billion a year. In the food and beverage industry, the cost of machine failure can be extremely high when it comes to compromised food safety.

Food and beverage manufacturers not only need to meet production demands and avoid unplanned downtime – they must also adhere to strict food and drink quality standards to ensure their products are 100% safe for consumers. This means making sure that every machine is in perfect working condition as a failure to do so could result in expensive product recalls with potential brand-damaging consequences.

As SIG’s new partner, we've been providing software solutions to manufacturers for over 20 years. Our industrial applications help predict failures before they happen and optimize the way field service technicians are dispatched to resolve issues. Put simply, our predictive-based digital solutions means manufacturers can operate machines for longer, boost productivity, lower costs, increase competitiveness and, crucially, ensure continual food safety.

With SIG and GE Digital, manufacturers can move from inefficient preventative maintenance to intelligent predictive maintenance. This means continually analyzing behavior data from connected equipment to determine actionable insights that predict when a part will fail - increasing uptime and improving asset efficiency. And, here at GE Digital, predicting asset performance is also about determining which assets are the most critical to the overall health of operations.

We do this with our asset performance management solution, Predix Asset Performance Management (Predix APM), that enable manufacturers to determine an asset’s health in real-time—accurately predicting its performance to take decisive actions before problems occur. It connects disparate data sources and uses advanced analytics to turn data into insights while fostering collaboration and knowledge-management across the organization.

Ultimately, this means manufacturers can transform their plants, turning insights into action with intelligent systems that seamlessly communicate and activate workflows between all operating layers. 

To find out how to execute this digital transformation, be sure to check back for part five of the Co-Creating the Future series, where we’ll outline the digital roadmap for manufacturers, as well as how, when, and where to get started. Missed the previous blog in this series, check out part three on accelerating performance.

To continue our series, check out part five:  The way to digital transformation