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 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.
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.
The Notify and Act pillar examines the approaches companies use to initiate the actions identified in the Monitor and Analyze pillar. It also evaluates how quickly companies can respond.
The Technology Platform pillar includes the technology used to support the other pillars. Effective machine monitoring and optimization relies on a wide variety of technical enablers.
Below, you can find your responses and how they align with our Five Pillars of IoT Machine Monitoring Capability.
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: Executing without a strategy
- 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 Largest opportunity for improvement.
1 Create a strategy to guide and focus your efforts.
2 Move responsibility for your machine monitoring and optimization strategy to the corporate level and put a C-level executive in charge.
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: Disagree
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 Third Largest 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: 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
- 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 Below Average in Monitor and Analyze maturity. Improving this maturity is your company's Fourth Largest opportunity for improvement.
1 More strongly adopt data cleansing to provide more valuable data to analyze and draw conclusions.
2 Consider combining data from additional systems with your machine data in order to increase the value of available insights.
3 Consider moving to a more predictive approach to identify problems based on analysis of current conditions and prior patterns.
IoT Machine Monitoring Capability Pillar 4 - Notify and Act
Top Performers are more direct in communicating with operators and technicians about actions coming from machine monitoring, analysis, and optimization. Top Performers use more real-time communications methods than Others and are actually 27% less likely to rely on email or text alerts. This communication, in addition to better practices in other pillars, helps support rapid response. Top Performers can act on insights in a timely way in order to drive the greatest value. Top Performers are 75% more likely to have the ability to act in near-real-time, although only about one-third report that ability. However, over half of these leading companies can act in minutes.
Guest Company's information
- How quickly can your company act on information and insights from machine monitoring and analysis, on average? Your answer: Hours
- How are operators or technicians notified to initiate actions from machine monitoring and analysis? (select all that apply) Your answer: Email or Text Alert
Recommendations based on our research
Our assessment shows that your company is Below Average in Notify and Act maturity. Improving this maturity is your company's Second Largest opportunity for improvement.
1 Move reaction time from hours to minutes, assuming there is business value, in order to prevent issues and take advantage of optimization opportunities.
2 Consider moving to push alerts in a job-specific application, which could be a custom application or a packaged solution.
IoT Machine Monitoring Capability Pillar 5 - Technology Platform
Top Performers use a variety of systems to support their equipment monitoring strategies. The most common, and most differentiated, is the use of industrial IoT, which is used by about two-thirds of Top Performers. They also use execution-oriented systems that control operations and equipment maintenance including Service Lifecycle Management (SLM), MES, and SCADA solutions. Additionally, Top Performers use these systems differently. They are about two-thirds more likely than Others to report that the systems they use to support machine monitoring, analysis, and optimization are completely integrated and twice as likely to employ a single platform to support this initiative.
Guest Company's information
- How integrated are the solutions your company uses to support machine monitoring, analysis, and optimization? Your answer: Somewhat integrated
- Which of the following BEST describes the technology you use to support machine monitoring, analysis, and optimization? Your answer: A single platform
Recommendations based on our research
No recommendations, your company is already performing at very high maturity in this pillar.
Highest Priority1 Consider further integration of your systems.
2 You are already operating at the highest level.
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.