Real-Time Insights for analytical instruments are complex machines used for measuring physical material properties in industries such as medical, chemical, gas, food processing, and more. These instruments generate a lot of data in the form of measurement data and status data, and from this data, a lot of insights can be derived.
The insights can be divided into two categories:
- Operational Insights (OI)
- Business Insights (BI).
What are operational insights (OI)?
Operational insights are derived through real-time analytics and are used to improve the operations of the customer. This type of data insight helps in answering questions such as whether the instruments are working properly if there are any failures and other operational issues. By analyzing the data in real-time, technicians and lab managers can take the right actions during tests and improve the performance of their operations.
Advantages of Operational Insights
- Improved decision-making: Operational insights provide real-time data and analytics that can inform decisions, leading to more effective operations and improved outcomes.
- Increased efficiency: With access to real-time data and analytics, operations can be optimized, reducing waste and improving efficiency.
- Better visibility: Operational insights provide a complete picture of operations, including data from across different departments and systems. This visibility enables organizations to identify and address inefficiencies and bottlenecks.
- Enhanced customer satisfaction: Operational insights can help organizations understand customer behaviour and preferences, leading to improved customer satisfaction and increased customer loyalty.
- Increased agility: By providing real-time data and analytics, operational insights enable organizations to quickly respond to changes in demand and market conditions, increasing their agility and competitiveness.
What are business insights (BI)?
On the other hand, Business insights are derived through historical or batch analytics. This type of data insight is used to look for patterns over a longer period of time, for example, three to six months. It helps in understanding the top features that customers are using, which components fail more often, and what additional services can be provided. Business insights are more focused on long-term strategic operations.
Advantages of Business insights
- Improved decision-making: Business insights provide organizations with a better understanding of their operations, customers, and competitors, leading to more informed decision-making.
- Increased efficiency: By providing a comprehensive view of business processes, organizations can identify areas for improvement and optimize their operations to increase efficiency.
- Better customer understanding: Business insights help organizations better understand their customers, including their preferences, behaviours, and buying habits, allowing them to tailor their offerings to better meet their needs.
- Competitive advantage: Business insights provide organizations with a deeper understanding of their competitors, their strengths and weaknesses, and their market positioning, enabling them to make strategic decisions that give them a competitive advantage.
- Improved risk management: With a better understanding of the market, industry trends, and emerging risks, organizations can develop a proactive approach to risk management and make informed decisions that minimize exposure to risk.
Operational insights are important for lab managers and technicians, and they can improve the efficiency of their operations. Instrument manufacturers also benefit from operational insights as they get install base visibility, which helps them understand how customers use the instruments and sell additional services and consumables.
Business insights are even more critical for instrument manufacturers as they look at a massive number of instruments from many customers and understand what features customers are using and what issues they are having with the instruments. This information helps them to improve the design of their instruments, provide better training, and offer higher-quality products to their customers.
The first step towards deriving insights is to acquire data from the instruments that generate it. This can be achieved through a variety of sensors and devices such as IoT sensors, cameras, and other monitoring tools. The data can be gathered in real-time or at regular intervals depending on the nature of the application.
Once the data has been acquired, it needs to be transformed into a format that can be easily analyzed. This involves removing errors and redundant properties from the data and converting it into a standardized format. The data can be normalized, aggregated, or filtered depending on the specific requirements of the application.
Real-time analytics are then performed on the transformed data set. Machine learning and AI algorithms can be used to analyze the data and derive insights. These insights can be in the form of key performance indicators (KPIs), trends, or anomalies that can provide valuable operational insights.
The insights and events that are derived from the analytics are recorded in a separate data layer. This data can be used for further analysis, visualization, or reporting. It can also be used to trigger alerts or notifications when specific events occur.
The final step is to store the data in a data warehouse for business insights. The data warehouse is a central repository that stores all the data from various sources in a standardized format. This enables organizations to perform advanced analytics and derive business insights that can inform strategic decision-making.
In conclusion, analytical instruments generate a lot of data that can be used to derive operational and business insights. These insights are important for customers and instrument manufacturers and help improve their businesses' operations and efficiency. Prescient can help companies optimize their data assets and derive valuable insights using our digital twin technology and edge AI solutions.
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