'Industrial AI’ is a synonym for advanced analytics in Industrial Internet of Things (IIoT). The economic impact of the IIoT has already achieved $1 trillion and is rapidly growing. The Industrial AI applications process IIoT data to impact business processes and provide added value.
Internet Revolution created Internet of People (IoP) where most of the data is generated by people. The IoP impacts 10-15% of the economy. The on-going Fourth Industrial Revolution (a.k.a. Industry 4.0 or Digital Transformation) is impacting the rest of the economy, a much bigger part. It creates Internet of Things (IoT), where the data is generated by connected devices.
What does the industry need from the Industrial AI applications, to get the value? First, the AI analytics need to be automated and scalable, data driven. The scalability means reduced cost of engineering labor. Second, the Industrial AI must support systems and processes that are mission critical, have high cost or failure. Such AI analytics require rigorous engineering processes to develop, verify, validate, and operate.
Capital-intensive industries rely on their vital assets. Failures and unavailability of assets mean missed schedules and lost revenue. As such, industries spend billions of dollars annually and 60-80% of annual budget on Operations and Support (O&S). Mitek Analytics provides AI/ML apps for asset Lifecycle Management that allow achieving optimized, sustainable maintenance strategies and run fleet of assets at peak performance and availability while reducing cosrts.