Standing up to the $1 Trillion Challenge

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Welcome to our new blog. In today’s data-intensive world, one would think you would have enough information to visualize, understand and optimize resource-intensive processes. In reality, it stands as no surprise that no matter how much data you have, you simply can’t make sense of it all – without some help, that is. Let’s take a look at waste and inefficiency in the real world of global industry and how “sensory overload” can actually be harnessed for bottom-line gains.

Experts estimate that 5% of an industrial company’s resources typically go down the drain every year due to waste, inefficiency from aging plants, infrastructure, and equipment. Inefficiency not only affects a company’s bottom line, it also impacts consumers in the form of higher prices and impedes a nation’s economy by lowering its ability to compete  on a global scale.

According to the CIA World Factbook, with the gross world product (GWP) at roughly $80 trillion for the year 2011; industry accounted for nearly 30% of that or approximately $24 trillion. Given these numbers, preventing as little as 5% of industrial waste and inefficiency could translate into a potential annual savings of more than $1 trillion.

LumaSense is attacking this considerable drag on global productivity one manufacturing plant, one semiconductor fab, one power generation turbine, and one transmission substation at a time.

We call this collaborative endeavor the $1 Trillion Challenge.

We aim to tackle the challenge by helping our customers awaken their 6th sense with a suite of sophisticated sensors that are designed to see where the human eye cannot . These sensors coupled with advanced software systems are built to handle the sensory overload those monitors create – giving you intuition to manage your process.

Just one example of sensory overload: a single infrared camera can generate up to 307,000 pixels of data at a rate of 60 frames/second, which translates to about 300 megabits of data every second. Our LumaSpec R/T industrial analytics software equipped with Sensorgraphics process intelligence helps make sense of this data torrent and gives plant operators precise and actionable visualizations from real-time image streams.

These advanced capabilities are an eye-opening example of how honing an industrial 6th sense is helping LumaSense customers – resource-intensive industrial titans in Global Energy, Industrial Materials and Advanced Technologies – harness sensory overload to detect, reduce, and prevent manufacturing inefficiencies that impact the all important bottom line.

In the weeks to come, our “Sensory Overload?” blog will explore how companies can awaken their industrial 6th sense to achieve better insight into their core processes and regain some of the more than $1 Trillion outflow in annual productivity losses.

Are you up to the challenge?
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Brett Sargent is LumaSense’s resident brain in a jar. He has over 20 years of experience working in various leadership roles in engineering, supply chain, manufacturing, quality, marketing and global sales with DuPont, Lockheed Martin, Exelon Nuclear, and General Electric, where he was Global Sales Leader for the GE Energy T&D Products division. Brett is Six Sigma Black Belt certified and a graduate of the Naval Nuclear Power School. He holds a BS in Electrical Engineering from Widener University, an MS in Nuclear Engineering from Rensselaer Polytechnic Institute and an MBA in International Business from Georgia State University.

3 thoughts on “Standing up to the $1 Trillion Challenge

  1. Big numbers, and I think 5% inefficiency conservative. I’m sure many organizations have more than 5% inefficiency, even in their manufacturing processes, which would make the numbers even bigger.

    • I agree that the number is conservative. Most inefficiencies are due sensor data from multiple sources that do not have a integrated control software so are only being used for monitoring purposes. Integrating signals into an overall process control automation system or software is the key to reducing inefficacy of a process.

  2. In most emerging markets this % should be by 5 to 7 times. We see in most industry as Paper Mills where Chile is number 5 in the world, same in Copper Industry where Chile is number one, similar to most thermal power Plants, coal, diesel, etc. Most of sensors do not apply.

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