Thursday, May 15, 2014

Counting the Cost: The Real Price of Data (PART 2)

In my last post, I talked about the benefits of having time-series data. Having the data has the potential to save your company thousands of dollars.  It saves you time when it comes to figuring out problems and it helps eliminate or minimize fines when the inspector rolls around. Now I want to talk about the real price of data. Yes, I have established pretty well that data is important and can save you money, but now I want to discuss what life looks like without the data. There are many instances where companies have regretted the decision not to record the data; and it cost them dearly.

What if an accident occurs at one of your production locations where all your data is lost? All the information about the equipment that was recorded was lost after the accident.  

What was the source that caused the accident? Could it have been prevented? Will it happen again? How can we prevent it from happening again at other locations?

Fines might occur costing millions of billions of dollars depending on the accident and what occurred. The greater the effect on the environment, the greater the cost.

With the Canary Historian, it backs all this important data up on a separate system so there is no loss if a disaster occurs. If this system is in place at the time of the incident, it will lead to answers. A company will know the answers to why it happened and how it happened. This knowledge is invaluable to company and can save millions in future costs.

More and more companies are realizing the big need for big data. This is why they are taking measures to build the security of their companies and utilizing the information that comes from big data. Producing the data does not produce money. Producing data gives you something that is much more valuable, insight.

When you have the data, you have knowledge. Knowledge about the equipment, knowledge about your operator’s ability to run the equipment, and knowledge about how to better run your organization. Problems are solved faster and more efficiently. Insight is given that gives you a better idea of how to run your company and become more profitable. And it helps provide security to the future of your business.

Many companies don’t realize the value of this knowledge. It provides a foundation on which you can base your decisions. It provides awareness to create a safer work environment. Lastly, it gives insight into how to make your company more efficient, saving you money. That’s the power of data!

Have you counted the cost?