3 industries saving billions with cognitive machine learning
Natural human flaws can have severe impacts on business with lasting damage – 82% of operational asset failures are attributed to human performance . Indeed, a recent study by ARC Advisory Group found that the global process industry loses up to $20 billion a year due to unscheduled downtime – or $12,500 hourly, on average.
However, machine learning is helping eliminate these costly flaws and is helping transform the manufacturing industry. This technology, along with others like big data analytics, are able to predict if and when something will break – cancelling the possibility of costly downtime.
Seth Page is a cognitive computing veteran and industrial IoT pioneer based in Washington DC, and is CEO and co-founder of DataRPM , a Progress company. Below, Page lists three industries that are saving billions by using cognitive machine learning to beat downtime.
Aircraft manufacturing
The disruption caused by downtime to airline operators has been well documented, with recent delays to British Airways and United Airlines still fresh in the minds of thousands of delayed passengers.
Worldwide aviation maintenance amounts to $40 billion annually. But many aircraft manufacturers aren’t even using the predictive technology available to care for their planes, suggests Page.
According to the same ARC study above, it costs approximately 50% more to repair a faulty asset once it’s completely broken down, than if the issue was identified before the failure.
However, “thanks to sensor technology, cognitive computing and artificial intelligence, some cutting-edge aviation companies have adopted predictive maintenance to increase efficiency and safety – as well as of course, reduce costs,” continues Page.
“Take GE Aviation , for example. The company’s new GEnx engine (the best-selling engine for the Boeing 787 Dreamliner) collects 5-10 TB of data a day, according to this article in Aviation Week . And through applying big data, the company expects to increase factory efficiency by 40%.”
“Likewise, Boeing leverages AI in its avionic systems too. While traditional systems can transfer 12.5 KB per second, Boeing’s can transfer 12.5 MB per second, making it easier to send system information to maintenance crews. The company also analyses patterns in flight conditions, location, direction and temperature etc. to predict whether an aircraft component needs fixing.”
Oil and gas
According to a study by research firm Kimberlite , unplanned downtime is a big problem for the oil and gas industry.
