With the rise in technology around cognitive solutions, companies can maximise their profit through increased predicting and optimising of maintenance and revenue generation. Numerous companies use cognitive solutions for effective decision making, to conclude patterns, predict scenarios and trends on existing data sets, including those within Maximo.
Predictive Analytics is the combination of advanced capabilities statistical analysis, predictive modelling, data mining, text analytics, optimisation, real-time scoring and machine learning. These tools assist organisations to determine and examine patterns in data by anticipating what is likely to happen next.
There are many capabilities of Predictive Analytics, including:
- Statistical Analysis and Visualisation
- Predictive Modelling and Data Mining
- Decision management and deployment
- Big data analytics
Peacock Engineering have worked on IBM’s Watson Build Challenge to investigate how Watson cognitive analytics pilot predictive and prescriptive maintenance regimes within the renewables industry. Peacock Engineering have experience working with a leading renewables utility company, in which we have been able to use predictive maintenance regimes to generate the most energy at the cheapest cost.