Enterprise Asset Management- Moving from Proactive to Predictive Analytics : An OEM Partner shares
Clockwork, a global leader of predictive analytics solutions for enterprise asset management (EAM) had announced recently here that it has signed an OEM agreement through which its Clockwork LCM Cloud™ technology – Insight LCM™ and Engage LCM™ – will be enhanced with the in memory computing capabilities of the SAP HANA® platform. Using big data for enterprise asset management, Clockwork has rapidly leveraged SAP HANA to enhance its real-time decision support. The Clockwork platform generates volumes of ‘future bigger data’ by sourcing, collecting, cleaning, correcting, completing and categorizing critical asset performance data used in predictive analytics to optimize parts ordering and maintenance scheduling, while reporting on asset performance, uptime, utilization and ROI.
During the recent SAPPHIRE , the OEM leadership team had the opportunity of speaking with Joe Berti, CEO Clockwork Solutions LLC where he spoke in length about predictive analytics and the importance for businesses to move from proactive to predictive analytics. To understand what is prescriptive analytics, lets understand the first stage, i.e descriptive analytics, which looks at past issues and describes them; it tells you what happened and why after the fact. The second stage is predictive analytics, which combines historical data with predictive algorithms to guess the probability of future events; it tells you what will happen. But prescriptive analytics claims to go even further. It applies a multitude of business rule algorithms, multiple mathematical and computational modeling systems to automatically synthesize hybrid data sets and answer not only what will happen but what also needs to be done about it. To sum it up , prescriptive analytics continuously and automatically tries to anticipates the what, when, and why of unknown future events.
In the case of Clockwork , they take critical components and forecast part failures for those critical components that gets into helicopters, drill jigs , generators on windmill to name a few. With the help of HANA they are able to forecast into the future when those components will fail and by doing that accurately they are able to increase uptime of the assets. These forecasting processes that would earlier take 10-12 hours is now done in a matter of minutes.
You can watch the whole video here