Building a Sustainable System of Success
“Without data, you are just another person with an opinion.”
- Dr. William Edwards Deming, American engineer, statistician, professor, author, lecturer and management consultant. His "System of Profound Knowledge" was a keystone manual for modern data science.
The late Dr. Deming did not highlight that in the case of industrial data, companies are literally sitting on their own gold mines, and most might not even have realized it yet.
Mining industrial data represents the next frontier of growth for industry. With increasing complexity and market volatility, operational excellence requires the ability to address the root causes of asset reliability problems, such as inadequate operating procedures, poor design and improper scheduling of production. Current approaches to maintenance need to become data-driven and optimized in order to identify the root causes of failure. A sustainable system of success is necessary, in the form of asset optimization – a comprehensive, holistic philosophy that drives the highest possible financial return across the entire asset lifecycle with continuous improvement.
Comment written 5 days ago