Dealing with data overload
That sounds great in theory, but recent technological advances have also led to an explosion in the sheer quantity of data. The amount of digital data in the world is now doubling every two years, with industrial machinery a major contributor to the glut. Quantity aside, the need to capture data from equipment made by different manufacturers each using different software interfaces only adds another layer of difficulty.
The challenge of the industrial Internet of things is one that not many companies can handle. One of the few that is up to the task is Silicon Valley-based OSIsoft, a privately held company founded in 1980 that now serves over 65 per cent of the Fortune 500 Industrial companies. OSIsoft’s flagship PI System (pronounced like the symbol π) turns the vast amount of data from sensors, manufacturing equipment and other devices into insights for saving energy, reducing costs, improving productivity, and other tasks.
Among PI System’s greatest strengths are its compatibility with more than 450 interfaces (meaning it can transform disparate streams of information into a single comprehensive data infrastructure) and the PI Developer Technologies which enable customers to create custom applications for their own very specific needs.
Over time, PI System has established itself as the de facto standard in the industrial internet of things. With that comes an extraordinary level of market penetration. Used by 4,000 industrial companies at more than 19,000 sites in over 127 countries, its customers include the world’s top 10 metal and mining companies, 95 per cent of the world’s top 40 oil and gas companies, and 90 per cent of the power generation companies in the United States. The company has an equally extraordinary customer-retention level of 90 per cent.