How valuable it can be for your company to get predictive insights that let you take repeated decisions to optimize your business and operations?
How valuable will it be for you to use a the tool that predicts future events based upon historical information?
Will such knowledge allow you to increase efficiency and sustainability?
How meaningful the impact of having predictive insights (a prediction about future events) will be for your organization?
Can you quantify it in monetary terms?
Can you predict what will happen?
In 2016, the average cost of downtime across all businesses was $260,000 per hour. That was a 60% jump from 2014 (source: Aberdeen Report)
In some industries, the cost is considerably higher. In the automotive industry, downtime can cost up to $50,000 per minute, which equals $3 million per hour (source: news.thomasnet.com)
The average cost of a downtime incident is about $17,000 (source: Industry week)
Artificial Intelligence and Machine Learning – associated to in depth knowledge of machines, processes and equipments, along the knowledge of manufacturing operations- are making Industry 4.0 a more tangible reality, by using data science to predict future events and therefore take decisions having major insights.
Typical examples of using Machine Learning to predict future events are predicting when and how a machine will fail; predicting manufacturing quality; estimating future demand of production resources; maximizing safety and sustainability.