Assessment result for Guest Company.

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Companies are pursuing – and achieving – business goals by implementing machine monitoring and optimization. Initiatives to monitor and improve equipment are resulting in increased profitability in the vast majority of companies. Companies that follow the best practices across Tech-Clarity's Pillars of Machine Monitoring and Optimization are more likely to significantly improve their company profitability.

Based on our analysis, Guest Company's IoT Machine Monitoring Capability is: Below Average
Pillar 1 - Strategy and Organization
Pillar 1 - Strategy and Organization

The Strategy and Organization Pillar focuses on how companies create their machine monitoring and optimization strategy and the highest-level person they the put in charge of it.

Your Company 1.5 Top Performers 8.5 Others 6.5
Pillar 2 - Connect and Communicate
Pillar 2 - Connect and Communicate

The Connect and Communicate Pillar focuses on the way companies plan and execute collecting equipment data for analysis and machine optimization.

Your Company 5.3 Top Performers 8 Others 6
Pillar 3 - Monitor and Analyze
Pillar 3 - Monitor and Analyze

The Monitor and Analyze pillar evaluates the techniques companies use to prepare, combine, monitor, and analyze their machine data so they can take action to optimize equipment.

Your Company 5.7 Top Performers 7 Others 5.7
Top Performers Others Your Company
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Below, you can find your responses and how they align with our Five Pillars of IoT Machine Monitoring Capability.

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IoT Machine Monitoring Capability Pillar 1 - Strategy and Organization

Top Performers organize for success. They are more likely to create corporate-wide strategies, align their initiatives with broader digital transformation strategies, and put a C-Level executive in charge of their machine monitoring and optimization strategy.

Guest Company's information

  • Which of the following BEST reflects your company’s machine monitoring and optimization strategy? Your answer: Planning to pursue
  • What is the highest-level position in your company that is DIRECTLY responsible for machine monitoring, analysis, and optimization strategy? Your answer: Supervisor

Recommendations based on our research

Our assessment shows that your company is Below Average in Strategy and Organization maturity. Improving this maturity is your company's Third Largest opportunity for improvement.

Highest Priority

1 Consider investing in machine monitoring and optimization.

Develop a Corporate-Wide Strategy
86% of companies say profitability has increased by monitoring and optimizing machines

2 Move responsibility for your machine monitoring and optimization strategy to the corporate level and put a C-level executive in charge.

Put a C-Level Executive in Charge
Top Performers are almost twice as likely to have a C-level executive, such as a Chief Digital Officer or Chief Information Officer, directly responsible for their machine monitoring and optimization strategy.

IoT Machine Monitoring Capability Pillar 2 - Connect and Communicate

Top Performers have more mature practices for how they capture, pre-process, and store their machine data for monitoring and processing. They are much more likely to develop a standard approach for data capture, pre-process data (for example consolidating information through edge computing), and then store the collected information in a centralized data lake.

Guest Company's information

  • Does your company have a standard way to capture and store machine data? Your answer: Agree
  • Does your company pre-process data before storing or communicating it? Your answer: Agree
  • Does your company have a centralized data lake to store machine data? Your answer: Agree

Recommendations based on our research

Our assessment shows that your company is Below Average in Connect and Communicate maturity. Improving this maturity is your company's Fourth Largest opportunity for improvement.

1 Formalize your data capture and storage methods to help with repeatability and scalability.

Create Data Standards
Top Performers are 89% more likely to have a standard way to capture and store machine data.
Highest Priority

2 Pre-process data to reduce data clutter and improve responsiveness by leveraging edge computing,

Pre-process Data
Top Performers are 76% more likely to pre-process data.

3 Store machine data centrally to consolidate information and provide a strong foundation to build analysis on.

Centralize Data in a Data Lake
Top Performers are 91% more likely to centrally store machine data from their equipment.

IoT Machine Monitoring Capability Pillar 3 - Monitor and Analyze

Top Performers prepare their data for analysis by cleansing it, for example using edge computing, and combining it with additional data. While the most common data that companies across Performance Classes add is operational systems data, the most differentiated capabilities include combining information from enterprise systems and engineering data. Once information is collected, companies across Performance Class use a variety of methods to determine actions based on machine data analysis. The most common is a proactive approach, although the most differentiated is prescriptive, which is reported more than twice as often by Top Performers.

Guest Company's information

  • Does your company cleanse equipment data to remove noise? Your answer: Agree
  • Does your company combine machine data with additional information from any of the following types of systems in order to gain additional insights? (select all that apply) Your answer: Engineering Data, Environmental Data
  • Which of the following best describe how your company acts on machine data and analysis? (select all that apply) Your answer: Proactively (before a problem has occurred, for example by schedule or based on operating hours)

Recommendations based on our research

Our assessment shows that your company is Average in Monitor and Analyze maturity. Improving this maturity is your company's Lowest opportunity for improvement.

1 More strongly adopt data cleansing to provide more valuable data to analyze and draw conclusions.

Cleanse Equipment Data
Top Performers are 50% more likely to cleanse equipment data.

2 Consider combining data from additional systems with your machine data in order to increase the value of available insights.

Combine Data from Other Sources
Top Performers are more likely to combine equipment data with business, engineering, environmental, and other operational data to create more valuable insights.
Highest Priority

3 Consider moving to a more predictive approach to identify problems based on analysis of current conditions and prior patterns.

Move to More Proactive Approaches
Companies across Performance Class use a variety of methods to determine actions based on machine data analysis, with prescriptive reported more than twice as often by Top Performers.


IoT Machine Monitoring Capability resources for you

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Next Steps to Improve IoT Machine Monitoring Capability

Leaders have higher IoT Machine Monitoring Capability maturity resulting in measurably better profitability.

Specifically:

  • 86% of companies say profitability has increased by monitoring and optimizing machines
  • 35% says it has increased significantly

Follow the recommendations in this report to increase your company's IoT Machine Monitoring Capability maturity and achieve these significant top- and bottom-line improvements.

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For more information about the findings behind this assessment please see Improve Product Innovation and Profitability through Increased Digital Maturity.

Learn more about digital innovation maturity from our sponsor, Siemens.

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