Buried treasure: Advanced analytics in process industries

Advanced Analytics

Buried treasure: Advanced analytics in process industries

The Internet of Things (IoT), industry 4.0, advanced analytics, digital technologies, and big data have all generated enormous hype for their potential to transform every facet of business. To date, the dialogue around these tools has focused primarily on consumer-facing industries, such as retail and financial services; on large industrial companies, such as GE; and on leading digital players, including Amazon, Google, and Netflix.

Beyond the spotlight, however, manufacturers in process industries—also commonly referred to as heavy or capital-intensive manufacturing—have been early to adopt many of the latest advances. For decades the sector has not only generated large amounts of data but also combined science, engineering knowledge, classical statistics, and powerful modeling into advanced-process-control (APC) systems that run key assets efficiently.