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
The Connect and Communicate Pillar focuses on the way companies plan and execute collecting equipment data for analysis and machine optimization.
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.
Below, you can find your responses and how they align with our Five Pillars of IoT Machine Monitoring Capability.
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: Other / I don’t know
- Does your company have a centralized data lake to store machine data? Your answer: Other / I don’t know
Recommendations based on our research
Our assessment shows that your company is Average in Connect and Communicate maturity. Improving this maturity is your company's Lowest opportunity for improvement.
1 Formalize your data capture and storage methods to help with repeatability and scalability.
2 Pre-process data to reduce data clutter and improve responsiveness by leveraging edge computing,
3 Store machine data centrally to consolidate information and provide a strong foundation to build analysis on.
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: Other / I don’t know
- 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: Other / I don’t know
- Which of the following best describe how your company acts on machine data and analysis? (select all that apply) Your answer: Other / I don’t know
Recommendations based on our research
Our assessment shows that your company is Below Average in Monitor and Analyze maturity. Improving this maturity is your company's Second Largest opportunity for improvement.
1 Adopt data cleansing to provide more valuable data to analyze and draw conclusions.
2 Consider combining more than operational data in order to increase the value of available insights.
3 Consider moving beyond reactive approaches to prevent expected issues based on some parameter such as time or run-hours.
IoT Machine Monitoring Capability resources for you
Read through our detailed report.
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.
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.