Unplanned downtime is a major problem for manufacturers, with recent studies indicating that it costs industrial manufacturers approximately $50 billion per year.
The Novity solution is an Industrial Internet of Things (IIoT) technology that uses equipment sensors and proprietary algorithms to allow industrial manufacturers to see the future health of their production assets. The Novity TruPrognostics engine is based on a combination of machine learning and physics-based equipment models. This allows Novity to predict equipment failures with 90% or better accuracy and turnaround times in months, not weeks or days.
“In many conversations with customers in the industrial manufacturing industry, we’ve identified critical issues where current solutions aren’t enough: they require too much data, they aren’t accurate enough, and they don’t give users enough notice to act before it’s too late,” said Novity Managing Director Markus Larsson. “Our goal with this solution is to address these issues, ultimately enabling zero unplanned downtime .”
Pennsy Supply, a leading manufacturer of aggregates, sand, asphalt and concrete in the northern and central areas of Pennsylvania, has installed a pilot deployment of Novity technology and is already seeing the benefits.
“Novity’s solution proved effective very quickly. Novity has provided an excellent PdM solution for Pennsy,” said Larry Kessler, Operations Support Manager, Pennsy Supply. “In the first month, the system detected a potential problem with a plant, which allowed us to take preventative action, avoiding costly and unplanned downtime.”
“As more and more manufacturers adopt new technologies that help their plants and plants run more efficiently, one of the things we’ve heard time and time again from customers is that they need a solution they can rely on to make actionable decisions,” said PARC President Naresh Shanker. . “With Novity, we are leveraging PARC’s expertise in artificial intelligence, sensors and manufacturing to deliver an exceptionally accurate predictive maintenance solution. This means less downtime, more productivity and profitability for our customers.