I was gathering some recyclables up at home this weekend and I picked up a newspaper from May 14, 2016 – exactly one month old. Something compelled me to open it up and page through it: national election updates, stock market prices, sports updates, international events.
Everything in that paper was now outdated and surpassed by more recent events. It was completely useless for me today.
How many businesses run their operations using month old data? Compile a month’s worth of data (after waiting for two weeks to get it entered), review, reconcile, publish. By then you are looking at data which is up to 6 weeks old! It’s too late to fix any problems. How much money and productivity are lost and resources wasted because we are using outdated information to manage our companies? I call this “Management by Old Newspaper”.
We developed Wave7 to eliminate the old newspaper style of management. Wave7 monitors the health and performance of assets in real-time. You can monitor equipment performance up to the minute, evaluate and assess it, and adjust tomorrow’s plans as needed. And with our predictive analytics engine, you can take preventative action regarding an impending problem, as Wave7 will alert your team immediately so they can respond before the downtime event.
One of our customers has assets all over the world. Once in a while they would have a ‘situation’; a bad situation that would result in lost production. “What happened? Why did it happen? And why am I finding out 3 weeks later?”
Now, with Wave7 installed on each asset, the customer can monitor the assets in real time from his smartphone, wherever he is and wherever the assets are. Now, when a ‘situation’ happens he is notified immediately; Wave7 sends him a text message. Using our event-driven DVR feature, he can replay the event to see exactly what happened in the minutes leading up to, and right after, the event. Working with his team, they can quickly assess the situation and develop a recovery plan.
Wave7 makes condition monitoring easy. In a world of complicated historians, transaction managers and enterprise-wide solutions, we are the Easy Button. Start with one asset and grow from there, adding assets as it makes sense. There is zero infrastructure required, so the starting costs are low.