A multi-utility company wanted to enhance the management of their devices spread across the globe. Cognix's AI powered Analytics platform provided the required technology to build a predictive maintenance solution for tracking and monitoring assets remotely to speculate possible device failures, detect device usage and device location.
Gartner estimates that by 2020, there will be 25 billion smart things delivering data in real-time and the number of devices managed by utility companies globally will grow to 1.53 billion. Cognix provides IoT solutions that leverage decision making with the help of predictive and prescriptive analysis through events processing combined with machine learning.
A multi-utility company offering a variety of products and services wanted to manage its devices spread across the globe. Unavailability of these devices could potentially result in delayed operations and massive financial losses. Being able to commission or replace an asset before functional failure, tracking optimal use of use-based devices and the physical security of devices while being notified of device movements, proved business-critical. To achieve this the following was required.
Prediction of possible device failure weeks in advance.
Monitoring device usage.
Tracking of device location.
Cognix's AI powered Analytics platform provided the required technology for predictive maintenance and for tracking and monitoring assets remotely.
The devices were fitted with sensors and GPS trackers the events from these devices were processed and analysed through Cognix's event stream processor and a ML model.
ML Model predicted possible abnormalities in device functions through prescriptive analysis that triggered alerts based on business rules.
Cognix allows citizen users to design their business flows for their IoT solutions with ease.
Visual analytics and reporting assisted tracking of the devices’ health in real time ensured device availability round the clock and reduced operational cost by 29%.
A drop in device tampering and misuse through Cognix's intelligent asset monitoring solution, resulted in 5% increased revenue.