Asset-Intensive Industries Listen-Up: ARC speaks about Predictive vs. Prescriptive Analytics
All Mill Products industries, among those producers of paper, metals, building products, plastics, furniture, textiles, or mine operators, are relying on the availability of their -often- very expensive assets. A lot of ideas were spent already on how to optimize asset utilization and how to avoid unplanned downtimes.
SAP helps companies in understanding the current state of their machines through multiple solutions like HANA Internet-of-Things Edition for managing “things” and connecting them, collecting data with Event Stream Processor or Manufacturing Integration and Intelligence. Once the data was captured it can be processed through HANA-based applications like SAP Predictive Maintenance.
But asset maintenance is a wide field. Read about ARC’s view on asset anayltics, namely predictive and prescriptive analytics. To me this reveals the real meaning of insight to action: The result of analytics is knowing about asset conditions, but this alone can’t fix an asset. An important consequence of prescriptive analytics can be the optimization of the predictive algorithm or an automated corrective measure to solve an issue.