Whether it is the Industrial Internet of Things or Industry 4.0 or Smart Manufacturing no benefits are garnered at the end without a superb analytics engine. Recently I talked with Humera Malik, CEO of Canvass Analytics, about a new analytics company and product that brings Artificial Intelligence (AI) and Machine Learning (ML) to the field.
Early in my management career we called accounting “ancient historians” because reports only came out 10 days following a month end. That is too late to be what we call these days “actionable information.”
Turns out that a similar problem has existed in the predictive analytics field. OSIsoft and others have provided tools to capture huge amounts of industrial and manufacturing data. To get anything out of it you needed to establish a project, bring in a bunch of data scientists, and try to glean some trends or fit some models.
What was needed was a powerful engine that can use this data closer to real time, fit it into a model (selecting one from among several), and give operators, maintenance technicians, engineers, and others information in a useable time frame without bringing in a bunch of data scientists. These data scientists it turns out need to reside in the software. The entire process must be transparent to the user.
Enter Canvass Analytics, a provider of AI-enabled predictive analytics for Industrial IoT, which just announced a partnership with OSIsoft, a global leader in operational intelligence, that will enable Industrial companies to accelerate the return on investment of their IoT initiatives.
Malik 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 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 percent and optimize plant operations by 30 percent.
“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.