CORDIS - EU research results

HIBOO, the data platform to visualize and predict the industrial world

Periodic Reporting for period 1 - HIBOO (HIBOO, the data platform to visualize and predict the industrial world)

Reporting period: 2019-05-01 to 2019-08-31

An estimated 90% of construction projects overrun on their planned budgets. For the largest projects even a 1% overrun can amount to €millions in project losses. Up to 40% of construction budgets can be attributed to equipment costs. As such, asset management solutions are critical to managing capital and operational efficiency on projects. Key challenges in asset management are preventing downtime, optimizing maintenance workflows, optimizing fuel efficiency and optimizing deployment & distribution. Hiboo is cloud-based real-time & predictive construction asset management solution. With hiboo, the entire fleet is captured, monitored and intelligently managed under a single platform, with insights shared between key partners in real time delivering full transparency across the value chain. Hiboo´s predictive maintenance solution is based on machine learning models and artificial intelligence with the overall objective of eliminating costly downtime incidents from construction projects
Hiboo have conducted three crucial feasibility assessment tasks:
Technical: Development of a complete project execution plan, with work packages, budget estimate and risk assessment. Full development planning for the Lapone data collection module
Commercial: market and regulatory analysis with a commercial plan and European exploitation strategy.
Financial: Assesment of total funding requirements with forecasted P&L evaluation. Final business plan.
The market state of the art is limited by either low depth of analytics (locations and running time only), inability to link unpowered assets, insights limited to post-fact reporting and fragmented data pool (insight limited to specific manufacturers & brands). Hiboo delivers the solution to all of these limitations in a single platform, linking all assets, agnostic to power supply, manufacturer, location or whether owned or rented. Hiboo is the complete mixed-fleet solution and is crucially the first such platform to offer predictive insight into maintenance planning and downtime prevention. The economic benefits of idle time reduction alone are estimated at over €800 per week, per asset for common heavy machinery (€42m saving annually for a fleet of 1000 assets!). The additional reduction in associated emissions (1kg CO2 /asset/25mins idle time prevented) further compounds the overall value addition of Hibbo to the construction market.