Industrial analytics thought leadership-series.
How will industrial analytics, Industry 4.0, IIoT and digital transformation change businesses? And ultimately the world? We ask industry leaders to share their view on these technologies, how we use them, and where they will take us.
Co-innovation is key in oil and gas
You cannot have innovation in processes and value chains without industry specific knowledge, according to PwC’s Eirik Rasmussen. Digital innovation is about data management and organizational maturity, and he encourages the energy sector to think “out of the box”.
Data may have the answer, but business must ask the question, according to innovation specialist Nada Ahmed. It is vital that the vision and commitment for innovation comes from the CEO.
Let’s not overcomplicate
The cultural switch from operations to innovation is a big shift in mindset. Kjartan Kalstad from McKinsey sees a need for educating COO’s, CMO’s, and production managers on how to solve problems with analytics.
We need more love for real life
It is still like walking a slack line to connect mathematics and statistics to all other sciences. The concept of filling this gap with black box AI is an illusion, that will create dangerous alienation.
It is extremely difficult to automate in full
It’s a big mistake to think that the truth lies in data. It is only a part of the truth and a part of the future. Data as the only solution is stupid. This all data centric approach has the same limitation, and it goes for both AI and chemometrics.
Real time is
With no equivalent of GDPR to limit exploitation of machine data and given the fact that any industry is already based on extensive domain expertise, you should utilize streaming data and keep building your analytical engine with a scientific approach.
Correlations may mislead you
Industrial analytics is all about getting meaning from data. Data is speaking and analytics is the listening device, but you need a hearing aid to distinguish correlation from causality.
I am also working with AI
Data analysis is growing and is playing an increasingly important role in business and society. It’s a good thing. Chemometrics veteran Rasmus Bro would not hesitate to state that he is working with ‘artificial intelligence’.