Industry 4.0 is a generic term for smart manufacturing facilities where the equipment has web connectivity, diagnosis and reporting capabilities, as well as AI based decision making.
Many companies offer today Industry 4.0 and IIoT (Industrial Internet of Things) hardware and software that promises to provide predictive maintenance capabilities and improve the asset performance.
However, these systems are expensive due to servers, IT infrastructure, storage of Big Data, and maintenance of the additional equipment. Furthermore, a local data scientist is usually required as well.
BQR can help you decide which system is optimal for your assets in terms of expected ROI (Return On Investment).
The ROI includes reduced maintenance expenses due to less hard failures.
BQR’s apmOptimizer software is ideal for comparing various scenarios, selecting the Industry 4.0 system, and optimizing the asset maintenance and logistics.
ROI calculation requires an interdisciplinary analysis of asset performance, equipment failure modes and effects, and associated costs (production loss due to downtime, spare parts procurement, transportation and maintenance).
Additionally, BQR’s failure analysis tool can be used for calculation of equipment failure distributions based on statistical analysis of failure and maintenance logs. The results can be fed to decision making tools such as BQR’s apmOptimizer.