Predictive Analytics Software from Ctrl2GO Helped Industrial Companies Cut Costs by 20% in 2020
5 October 2020
HOUSTON, Oct. 5, 2020 /PRNewswire/ -- Ctrl2GO, the global provider of predictive analytics and maintenance services, has helped its clients cut equipment maintenance costs by 20% in 2020. Such figures were attained on average by enterprises in the machine-building, oil and gas, energy and other industries, which have implemented Ctrl2GO PMM software (Predictive Maintenance and Monitoring) in their operational processes.
The solutions developed by Ctrl2GO are designed to efficiently process and analyze big industrial data, assessing the technical condition of the equipment and predicting its potential behavior. Such an approach allows companies to streamline maintenance processes, extend overhaul intervals, and prevent up to 80% of equipment malfunctions.
Over the past year, companies using PMM software packages have reduced downtime by 20%, unplanned repairs by 20%, and cut direct repair costs by 5-8%. Diagnostics lead times have been reduced by 90%, while the technical productivity of staff rose by 15-22%.
A definitive case that illustrates the effectiveness of the PMM solution is the servicing of a metals mining and processing giant that saved $510,000 due to higher reliability of the equipment. The issues faced by the client involved the insufficiency of reliability of the equipment that caused unplanned failures in the operation of boilers and turbines, leading to a loss of revenue due to downtime. The solution developed by Ctrl2GO provided technical condition tracking, which was integrated into a single maintenance and repair process of the enterprise equipment. This resulted in a unified approach to monitoring heterogeneous equipment fleets and a transfer of existing technologies to previously unfamiliar equipment. As a result, the client managed to reduce repair costs by $50,700, and increased revenues while reducing equipment downtime to $455,000.
Another example of successful integration of Ctrl2GO solutions can be found in the oil and gas sector, in which a major client reduced the electricity consumption of 139 injection pumps by $10 million per year. Initially, the pumps consumed more power than necessary, which resulted in increased energy costs and the shortening of the useful life of the pumps. The deficiencies in the infrastructure for data collection on energy consumption were solved by the Ctrl2Go solutions and a concept of digitalization focused on the reliability of the equipment was developed. The effect was the reduction of electricity consumption and the prolongation of the useful life of $10 million worth of equipment with energy efficiency increased by 4%.
The solutions developed by Ctrl2GO have immense export potential and can be applied to machinery and equipment in various industries. The ever-changing business environment, in which the demand for the automation of human labor and the optimization of industrial processes is on the rise, is paving the way for the growth of the predictive analytics software market. A recent report states that the global market for predictive analytics is set to grow to $22 billion by 2027, up from $6 billion in 2020.
About the company
Ctrl2GO is an international digital holding with a range of industry 4.0 solutions geared to enhancing and optimizing the industrial and business processed in the railway, energy, engineering, oil and gas, and metalworking sectors.
You can learn more about Ctrl2GO and its products and solutions on LinkedIn, Facebook or Instagram.
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