Canvass Analytics, a provider of AI-enabled predictive analytics for Industrial IoT, and OSIsoft, a provider in operational intelligence, announced a new partnership that will enable Industrial companies to accelerate the return on investment of their IoT initiatives.
According to a report by Boston Consulting Group, 35% of companies adopting Industry 4.0 project revenue gains of over 20% in the next five years; with production systems becoming as much as 30% faster, and 25% more efficient.
Canvass is using the power of AI (artificial intelligence) to tackle the complicated challenge of making data science scalable for Industrial companies with its automated platform.
Canvass brings automation to the entire data analytics process, which is critical in distilling the millions of data points being generated by Industrial processes and equipment in order to create key predictive insights for operations team— be it predictive maintenance, predictive process optimisation, or energy efficiency predictions.
Humera Malik, founder and CEO, Canvass commented, “Predictive and automated analytics gives operations teams the insights to answer questions such as, how can I increase yield, how can I reduce downtime and how can I reduce my maintenance costs?
Canvass’ AI-enabled analytics platform accelerates the delivery of predictive insights by automating data analysis and leveraging machine learning technologies to adapt to data changes in real-time. For operations teams, this means they have the latest intelligence in order to make critical operational decisions.”
The combination of OSIsoft’s market leading methodology to collect, store and stream data from any Industrial IoT source with Canvass’ AI-enabled automated analytics platform brings a new approach to creating predictive models that continually retrain themselves. With the resulting insight, Industrial companies have the potential to reduce plant maintenance by up to 50% and optimise plant operations by 30%.
“We are enthusiastic about the value that we see companies like Canvass Analytics extracting from the vast amounts of IIoT and other streaming data that we collect in our role as the single source of the truth,” said J. Patrick Kennedy, founder and CEO of OSIsoft.
One of the world’s most widely-used technologies for digital transformation, OSIsoft’s PI System gives people real-time insight into their operations so they can save money, boost productivity or develop new products. PI System data can be used directly by engineers or other employees or delivered to platforms like Canvass for deep analytics.
Over 1,000 leading utilities, 95% of the largest oil and gas companies and more than 65% of the Fortune 500 industrial companies rely on the high-fidelity insights from the PI System to run their businesses. Worldwide, the PI System actively handles over 1.5 billion sensor-based data streams.
Industry 4.0 – The future of productivity and grown in manufacturing industries, Boston Consulting Group, 2015