Objective
Thanks to ThingSight, manufacturing SMEs will be able to anticipate and avoid equipment failures by embedding a predictive maintenance solution within their products. ThingSight is an Internet of Things (IoT) Analytics system which generates and collects data from machinery and provides a flexible, scalable and easy-to-use analytics tool to help manufacturers in their daily machinery support and maintenance activities. This disruptive innovation provides important benefits for manufacturing SMEs: reduced equipment downtime (40%-60%) increased effective manpower utilization (75%-80%), increased production capacity (15%-40% for the short term, and 75%-80% for the long term), reduced labour and material costs (35%-60%) and increased machinery operating lifetime (33%-60%). ThingSight is particularly targeted at European SMEs (manufacturers and maintenance providers) which cannot afford the implementation of ad-hoc IoT systems. While existing alternatives are costly and require a high investment, the innovation of ThingSight primarily comes from our successful pay-as-you-grow model based on the number of devices. In Phase 1 we will conduct a research on the optimal algorithms and techniques for descriptive analysis, advanced analysis and machine learning. Additionally, we will select potential technological partners for the project. We will also develop a Business Plan to analyse the economic viability of ThingSight and prepare a detailed Financial Plan. ThingSight will contribute to the overall EU’s industrial growth strategy by providing advanced IoT tools to help manufacturing and maintenance companies to become more resource-efficient, by reducing machinery maintenance costs and increasing equipment lifetime operation.
Fields of science
- natural sciencescomputer and information sciencesinternetinternet of things
- natural sciencescomputer and information sciencesdata sciencebig data
- social scienceseconomics and businessbusiness and managementbusiness models
- social scienceseconomics and businessbusiness and managementemployment
- natural sciencescomputer and information sciencesartificial intelligencemachine learning
Programme(s)
Funding Scheme
SME-1 - SME instrument phase 1Coordinator
28037 MADRID
Spain
The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed.