Seeing the future health of industrial manufacturing production assets
ABOUT THIS EPISODE
Unplanned downtime in industrial manufacturing causes productivity loss, timeline delays and lost revenue – estimated at around $50 billion each year. To address this tremendous market problem, PARC, a Xerox Company, recently launched Novity, a new venture to commercialise predictive maintenance technology.
The technology solution uses equipment sensors and proprietary algorithms to enable industrial manufacturers to see the future health of their production assets.
The Novity TruPrognostics™ engine relies on a combination of machine learning and physics-based models of equipment, allowing it to predict failures with 90% or better accuracy and lead times of months, not weeks or days.
In this episode, Dave speaks with Markus Larsson, General Manager and founder of Novity about the pioneering technology and what it means for the future of industrial manufacturing.
Learn more about Novity here.
Topics include:
- – The current main challenges facing industrial manufacturing within the context of maintenance
- – The adverse impact an unplanned downtime has on manufacturing processes
- – Moving into the next stage of development as IIoT impacts industry
- – Understanding the current and future health of process components
- – Xerox’s PARC Novity TruPrognostics
- – How Novity already is making positive impacts for manufacturers
- – How Novity reduces risk across manufacturing processes
- – The advantages of using ML as the core component
- – The shift from CBM (Condition-Based Maintenance to PPM (Predictive Maintenance
