Genpact announced that the company has developed a new way for manufacturers to transform their industrial asset performance management processes, reimagine business models, and create new revenue streams. The Industrial Internet Consortium (IIC) has approved the Asset Outage Management testbed, which uses digital technology, analytics, and process and data models that extract data from legacy systems and connected assets to predict maintenance issues.
A Genpact Research Institute study found that an overwhelming majority (81 percent) of manufacturing leaders say Industrial Internet of Things (IIoT) technology is critical to their organizations’ future success, but only one in four companies has a clear IIoT strategy.
As heavy equipment manufacturers (also called original equipment manufacturers, or OEMs) embrace IIoT strategies, their combination of hardware, software, and aftermarket services over the entire product lifecycle maximizes asset uptime, which drives new revenue streams and greater customer value through services that predict equipment performance outcomes.
OEMs’ traditional data sources often rely on reactive analytics mostly limited to reporting historical information that generate alerts only when one data point hits a set threshold. Poor data means teams may conduct inspections too early or late, or manage inventory ineffectively. Obtaining critical spare parts can take months, resulting in unplanned downtime and revenue loss.
The testbed uses updated sensors that monitor real-time data, and also maintains and retrieves information from legacy systems. Data collected will provide best practices on outage management and revenue prediction to help OEMs evaluate and better utilize historical maintenance datasets, and develop their algorithms faster.
To help speed the pace of innovation, the testbed uses a bimodal transformation approach, which deploys two concurrent though autonomous work streams. One track provides more predictable day-to-day operational improvements and the other focuses on exploration and rapid experimentation.
“IIC testbeds accelerate development of new industrial applications and address the need for well-defined use cases and proven solutions to help companies better define an effective IIoT strategy,” said Richard Soley, IIC executive director. “Genpact is an IIoT leader, and the testbed will speed innovation in industrial asset management and performance monitoring.”
Genpact’s Lean Digital approach for IIoT combines Lean principles, advanced digital technologies, a discovery process that involves design thinking, and deep industrial domain experience to help industrial organizations maximize the value from their machines, systems, people, and data. As an early adopters of industrial internet technologies, it offers an integrated delivery model that orchestrates, industrializes, and supports industrial IoT processes to generate growth, cost efficiency, and business agility.
“IIC’s approval of the testbed recognizes Genpact’s leadership role in using the Industrial Internet’s power to transform business models, said Patrick Cogny, senior vice president and business leader, Hi-tech, Manufacturing, and Services at Genpact. “We deliver ‘machine to P&L’ impact that drives competitive advantage for our clients. Our Lean Digital approach combines leading technology, like the latest artificial intelligence tools, with design thinking and our domain expertise of industrial processes. The testbed will identify best practices to help OEMs achieve better ROI from their IIoT initiatives through reduced maintenance costs, higher asset uptime, and new revenue streams.”
Genpact helps build and sustain an IIoT Data-to-Insight- to-Action strategy by orchestrating, industrializing, and supporting analytics-based processes to generate growth, cost efficiency, and business agility.
Genpact’s accelerators and tools help reduce time and effort by 15 to 30 percent, and costs by up to 25 percent, enabling enterprises to derive greater value and accelerated business impact, such as increased revenue by up to 15 percent with proactive parts replacement, better installation base coverage, and new business models; greater cost-efficiencies via centralized field service and contact center operations, while smarter inventory management and returns processes can lower costs by up to 10 percent; improved profit margins by up to 15 percent with streamlined operations and large-scale automation; effective risk management with remote monitoring and reliability-based failure forecasting; and enhanced customer experience with greater insights from data, and better-performing products and services.