NEW YORK, May 23, 2017 /PRNewswire/ -- Genpact (NYSE:
G), a global professional services firm focused on delivering
digital transformation, has developed an innovative 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 sophisticated digital technology, analytics, and process
and data models that extract data from legacy systems and connected
assets to predict maintenance issues.
"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."
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 state-of-art 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'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."
For additional information about the testbed, see
http://www.iiconsortium.org/smart-asset-outage-management.htm. To
learn more about Genpact's IIoT capabilities, see
http://www.genpact.com/what-we-do/industries/industrial-manufacturing/industrial-internet-iiot.
About Genpact
Genpact (NYSE: G) is a global
professional services firm focused on delivering digital
transformation for our clients, putting digital and data to work to
create competitive advantage. We do this by integrating lean
principles, design thinking, analytics and digital technologies
with our domain and industry expertise to deliver disruptive
business outcomes – an approach we call Lean DigitalSM.
We deliver value to our clients in two ways – through digital-led,
domain-enabled solutions that drive innovation, and through
intelligent operations enabled by digital that design, transform
and run clients' operations. Our approach is continually refined in
one of the world's largest digital process sandboxes, where we test
and improve thousands of processes. For two decades, first as a
General Electric division and since 2005 as an independent company,
we have been passionately serving our clients. We generate impact
for clients from the Fortune Global 500 and beyond, and employ over
77,000 people in more than 20 countries, with key offices in
New York City, Palo Alto,
London, and Delhi. For additional information, visit
www.genpact.com. Follow Genpact on LinkedIn, Twitter, YouTube,
and Facebook.
For more information:
Danielle
D'Angelo
(Genpact Media
Relations)
danielle.dangelo@genpact.com
+1
914-336-7951
|
Abby
Trexler
(for Genpact
U.S.)
atrexler@peppercomm.com
+1
212-931-6179
|
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SOURCE Genpact Limited