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

Project Information

HIBOO

Grant agreement ID: 867334

DOI

10.3030/867334

Project closed

EC signature date 24 May 2019

Start date 1 May 2019

End date 31 August 2019

Funded under

• INDUSTRIAL LEADERSHIP - Innovation In SMEs

Total cost

€ 71 429,00

EU contribution

€ 50 000,00

Coordinated by

HIBOO SYSTEMS SAS
France

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

Summary of the context and overall objectives of the project

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

Work performed from the beginning of the project to the end of the period covered by the report and main results achieved so far

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.

Progress beyond the state of the art and expected potential impact (including the socio-economic impact and the wider societal implications of the project so far)

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.

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