The closure of economies in the spring of 2020 led to a sharp decrease in demand for energy resources. Ctrl2GO, a company that integrates IIoT solutions and technologies, offers insights into how the implementation of predictive analytics solutions is helping businesses redefine themselves under the new conditions. The solutions offered by Ctrl2GO help corporations and enterprises effectively and efficiently manage machines and equipment, production processes, and employees, reducing costs and prolonging service lives for fleets and facilities.
This new reality is proving to be a challenge for such rapidly growing IT centers as India and Brazil, and even for the economic powerhouses China and the United States. The US central government is now looking to find new benchmarks in a situation where GDP in the second quarter decreased by 31.4%, and entrepreneurial activity in all sectors of the economy has reached a historical minimum, leading to the highest unemployment rate in the entire history of record-keeping at 6.7%. A way out of economic pessimism should be sought by all sectors of the economy that have proven to be too reliant on global interconnection and geopolitical factors.
Digital Technologies Help Companies Stay Afloat
2020 has seen heightened interest towards digitalization as a McKinsey report states that digital transformation can add 140-250 billion USD to Australia’s GDP by 2025, India can more than double the size of its digital sectors by 2025 with the GDP of these industries having the potential of reaching up to $435bn in total value, and 73% of Mexican companies planning to invest in the big data processing. But now entrepreneurs have a particular need for solutions that can significantly increase operational efficiency. Special opportunities for increasing the operational effectiveness of businesses can be found in reducing the cost of equipment maintenance, as companies are being forced to cut budgets and look for savings in this area.
The experience of Ctrl2GO with the implementation of its Smart Maintenance technology has resulted in the reduction of costs by 20% on average. An indicative example of such cooperation is the case of a major oil & gas client that the company serviced. As a result of the integrated processes, the customer reduced electricity consumption of 139 injection pumps by $10 million per year. Ctrl2GO conducted an express simulation of the energy consumption of the pump fleet using its software and achieved an energy efficiency increase of 4%, an ROI of 556% for 5 years and a payback period of 0.75 years.
These developments have received recognition as Ctrl2GO recently entered into a global partnership agreement where solutions from Ctrl2GO will be used by various industries.
There is great potential for new digital solutions around the globe as the use of predictive maintenance technology can be assessed, even after ten years, but it will be proven by the final tally on the balance sheets.
The new reality also implies environmental responsibility. Each year, companies are being directed by government decrees to reduce CO2 emissions, and Ctrl2GO offers a system for collecting data on such emissions through the use of drones.
The aggregate indicator of expenses for the repair and maintenance of equipment in various industries of the world is increasing at a formidable rate – 11% CAGR, and is expected to reach $5.146 billion by 2025.
The demand for reducing these costs is high. Companies seek to achieve operational efficiency by minimizing risks and accidents and the exact planning of work, and Ctrl2GO allows for doing this at reasonable costs. One of the company’s clients has already been able to record savings of $10 million per year on its operation of 139 industrial pumps. The lifespan of this equipment has been increased, along with an increase in energy efficiency of 4%”,
Ctrl2GO is actively involved in helping companies rethink their operations. Solutions are localized to each business case. For example, their acoustic analysis solution allows tracing occurrences of certain malfunctions, for example, partial electrical discharges during the operation of power equipment, which can determine the location of these discharges in insulation systems.
Another case is a unified solution for analyzing media streams which differs from other solutions, because it not only implements an associative search of a database, but has inherent expertise in analyzing information from drones and satellites. This works not only with photographs but also with specific equipment, including analyzers of the color of the sun’s light when it is refracted in the atmosphere (one of the methods of determining the amount of carbon dioxide in the atmosphere).
Smart Maintenance technologies are particularly attractive in the oil and gas field because they allow companies to accurately calculate time slots for carrying out repairs and maintenance, and efficiently formulate lists of spare parts. The exploitation of fixed assets by oil and gas companies thus acquires a “digital” level of predictability, making a fundamental contribution to ensuring that business in the energy sector is sustainable regardless of external shocks. This year, economic discourse has changed, emphasizing the importance of cost savings. Predictive analytics solutions are helping companies meet this challenge as a result.
Disclaimer: This content does not necessarily represent the views of IWB.