Predictive analytics provides a complete gamut of benefits that allow companies to transform their existing business models. For example, one of the major benefits of using predictive analytics in the Industrial Internet is the identification of performance degradation in real time and failures detection before they occur which reduces unexpected downtime and helps overcome a plethora of associated challenges. An Industrial Internet equipped with predictive analytics capabilities delivers safer and more reliable outcomes that enable operations teams to create accurate maintenance and replacement schedules. Many industries understand the value of and use predictive analytics for lesser downtime, improved operational efficiency, etc. However, there still exists a gap between what is possible with using predictive analytics and what is currently being done. To gain the most of predictive analytics, it is important that industries address the following six challenges before adopting it:
- The data must be error-free and well-timed: Terabytes and petabytes of data gathered have no value for decision-making purposes if the information is not error-free and well-timed.
- Inaccurate predictions: Hedge against the possibility of inaccurate predictions by instituting checks results.
- Outdated analytics methods: Frequently refresh the predictive analytics models as they deteriorate over time.
- Building analysts’ skills: Organize regular training sessions for the data scientists since data science is an evolving field and requires the scientists to be aware of frequent updates.
- Supplement with other models: Predictive model alone sometimes is not sufficient where inaccuracy cannot be afforded.
- Pick the right team: Predictive analytics is not widely understood yet and many data scientists or analysts lack the experience to create deep insights based on their findings.
It is crucial that industries address these challenges before adopting predictive analytics techniques.
MachinePulse understands the importance of predictive analytics in improving operational efficiency. All our solutions are equipped with predictive analytics models and we can work with your industry to address the challenges listed above.
MachinePulseTM is an Internet of Things platform provider based in Mumbai. The big data platform, erixisTM, has in-built machine learning and predictive analytics capabilities. MachinePulseTM has branch offices in Chennai and Bangalore. Email us to learn more.