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Is Predictive Analytics the new method to innovate product development?

In the article "Predictive analytics startup Uptake raises $40M, netting $2B valuation" on by Duncan Riley, we learn about how the company Uptake Technologies Inc. is utilizing predictive analytics as a method to improve productivity, reliability and safety. Uptake is looking to utilize their predictive analytics software in the rail, mining, agriculture, construction, energy, aerospace and retail industries. The software provider claims that this new method will result in "enormous savings for its users" with optimizing fuel and energy consumption, just as an example.

Caterpillar is an example of a company who sees this strategy as a way to improve their fleet. This software would give an up-to-date predictive status report of the machine, and Caterpillar would be able to theoretically improve the vehicle to exactly how the binary code would suggest. What about user input? Customer feedback? This was valid information to gather about your vehicle and how it stands up to competitors. But individual input can skew results. A combination of the two would be a powerful tool for any company in their product development phase, fleet optimization, and cost improvement process.

This was a very interesting read on how companies are evolving their methods on how to utilize data for cost improvement initiatives and increase vehicle uptime efficiency. It will be fun to see how companies can innovate and improve equipment through data analytics. I would love to be on the front line of this initiative.

- Patrick Hvolka

 #predictiveanalytics #BigData #datascience #AI #dataanalytics #machinelearning



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