- Automation expert at Swiss engineering firm ABB says industrial companies don’t utilize most of the data they generate
- Pairing the data with processes such as artificial intelligence could lead to a significant boost in manufacturing productivity
- Autonomous and data-driven processes are part of the “Industry 4.0” movement underway around the globe
Much of the data being produced at industrial companies is going to waste, with the manufacturers missing opportunities for a substantial boost in productivity, an automation expert recently told CNBC.
Peter Terwiesch, head of industrial automation business at the Swiss engineering firm ABB, estimates that about 80 percent of the data being generated at these companies is not being utilized. He estimates that if it were to be paired with processes such as artificial intelligence or algorithms, it could yield a 30 to 40 percent boost in productivity.
Manufacturers around the world are adopting an “Industry 4.0” approach, or the increased adoption of autonomous and smart systems. These technologies enable communication and information sharing between machines while also allowing companies to better identify opportunities for growth and efficiency.
