Inspectioneering Journal, Nov/Dec 2020 Issue
Clive Humby famously said: “Data is the new oil.” As a society, we spend inordinate amounts of time and resources creating, collecting, and organizing data. When harnessed effectively, data can transform entire industries as evidenced by companies such as Amazon, Netflix, Spotify, and many others. These companies have integrated data analytics into their products and entire business models, which has enabled them to provide unparalleled levels of value to their customers. In the reliability industry, we also significantly invest in the creation and collection of data. But, are we really using our data to drive smarter reliability decisions?
We are in the midst of the largest digital transformation era the world has ever seen. Recent innovations have led many companies to invest in a variety of initiatives such as machine learning and digital twin technologies. While these tools can provide a multitude of benefits, they can easily become expensive investments that fail to provide the desired business value. After all, when you look at reliability performance over the past several decades, the pace of improvement has stagnated despite these new innovations and significant capital investments.