7 Secrets to Profiting from Predictive Analytics

A TwinThread Webinar by Erik Udstuen

Diverse Data Sources

A key to leveraging predictive analytics in the name of profit is a platform’s ability to easily connect and interface with a variety of data sources - whether your organization deals in SCADA Systems, Historians, MES Systems, CMMS, IoT devices and sensors, or some other information apparatus.

Built to Work with Your Data

Profitability, with regard to predictive analytics, stems from the platform's ability to work with your data and idenitify the insights needed to solve the challenge you've targeted. A solution that curates data in a consumable fashion will empower your domain experts to operationalize efforts with immediacy.

Domain Experts as First-Class Citizens

Your solution has to place domain experts front and center if it hopes to render progress and profit. Attempting to transfer subject-matter expertise to data scientists is inefficient and, therefore, costly. This is why, to build a healthy profit margin through the use of a Predictive Operations Platform, it's got to be made accessible to and interpretable by your in-house problem-solvers.

Scalable Automation of Process Predictions

To see measurable profit, the insight your predictive operations center provides has to be scalable at the enterprise level. Garnering knowledge about a particular asset or process is great - but if the solution doesn't also compare and contrast performance across all operations, you'll be stuck making small improvements. With a platform that connects you to the bigger picture, you could be implementing wide-sweeping efficiencies throughout your organization.

Expedite Time to Value

Insight is everything. It's the information that allows your domain experts to exploit operations and push them to their greatest potential. So, the sooner your predictive operations center can provide actionable insight, the better (and the more profitable).

Implement a Comprehensive Platform

Your solution needs to be able to find out the information your subject-matter experts require to solve the challenge they are looking to overcome. Whether it's related to quality, throughput, uptime or reliability - the predictive platform you implement should be capable of collating the data that guides the realization of your goals.

Find Out Fast

There's no such thing as a predictive operations solution that can guarantee outcomes. However, the quicker you can figure out whether a platform will inform you on the results you're seeking, the more financially sound you'll be. Don't spend time with a system that requires a long and drawn out process toward insight. Use a system that allows you to find out fast whether there is value in its use.