- February 09, 2017
- Schneider Electric
February 9, 2017 – Schneider Electric, the global specialist in energy management and automation, has introduced IIoT capabilities that will enable its industrial customers to measure and control the profitability of their operations in real time.
Developed through a partnership with Seeq, a provider of software and services that enable data-driven decision making, EcoStruxure Profit Advisor uses Big Data analytics to measure the financial performance of an industrial operation in real time, from the equipment asset level of a plant up to the process unit, plant area, plant site and enterprise levels. On-premise or cloud-enabled, it works with any process historian to mine both historical and real-time data. It then processes that data through Schneider Electric’s proprietary segment-specific accounting algorithms to determine real-time operational profitability and potential savings.
Profit Advisor allows plant personnel to see and understand the ROI and business value their actions, activities and assets are contributing to the business in real time. It is designed to empower the workforce to make better business decisions with a variety of data analytics, which can be displayed in various formats, to help drive operational profitability improvements, safely.
Profit Advisor layers real-time accounting models onto the Seeq Workbench to become a scalable solution for multiple segments, enabling customers to both measure and control their profitability. And because it can be integrated with Schneider Electric’s simulation and modelling software in a digital twin environment, users are further enabled to forecast profitability under different conditions or if changes to the operation are made. Overall, the software provides:
- Historical Data Review: Profit Advisor can evaluate the historical performance of the plant to assess its operational profitability, helping plant personnel analyze and understand how the operation performed during different conditions. It enables the workforce to identify true performance-improving initiatives. And since it can be tied to individual pieces of equipment, it can provide that information down to even the smallest asset in the operation.
- Real Time Performance Indication: Profit Advisor can indicate current performance and inform plant personnel when their operating decisions are making the business more profitable. Actual ROI and return on improvements will be visible, enabling plant personnel to concentrate and refine their efforts to the actions that provide the greatest financial returns. It also enables plant personnel to determine which parts of operation are constraining operational profitability and accurately estimate the business value their decisions might actually create.
- Profit Planning: Profit Advisor empowers process engineers to predict the profitability of the changes they are proposing, which will substantially minimize project risk and help to eliminate waste.