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Showing posts from January, 2017

Predictive Analytics Vs Prescriptive Analytics - BI maturity

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We have been doing product research on statistical analysis techniques such as regression analysis to examine Asset downtime for the PEMAC Assets products . This examines historical events of Equipment downtime and spots trends and patterns to predict a likely failure before it happens. This can be using IoT feeds from equipment such as runtime hours and diagnostic codes as well as previous breakdown history and mean time to failure (MTTF). The use of open source tools such as the R language for statistical modelling has a steep learning curve but can produce some interesting insights. This article from Industrial IoT was interesting because it extends the concept of not just surfacing a potential issue but also "prescriptively" telling you what to do about it. So , the predictive analytics would identify an issue such as potential Downtime event for an Asset. Rather than just highlight the issue, "Prescriptive Analytics" tell you w