Schneider’s new Profit Advisor uses IIoT to manage real-time decision making.

Schneider Electric, has introduced new software suite that utilises IIoT data to enable industrial customers to measure and control the profitability of their operations in real time. Called EcoStruxure Profit Advisor, it uses control and automation systems data to control real-time profit performance for every plant asset.

It is designed to operate locally or cloud-enabled, it works seamlessly with any process historian to mine both historical and real-time data. It then processes that data through Schneider Electric’s proprietary segment-specific accounting algorithms to determine real-time operational profitability and potential savings.

Profit Advisor
As most cost accounting systems measure only the financial performance of the industrial operation at plant level, it is difficult for companies to understand the financial impact operational changes have on business performance. To address this, Profit Advisor allows plant personnel to see and understand the ROI and business value their actions, activities and assets contribute to the business in real time. It helps the workforce make better business decisions through a variety of data analytics, and drive operational profitability improvements.

Profit Advisor layers real-time accounting models onto a Seeq Workbench to become a scalable, repeatable and easy-to-implement solution for multiple segments, enabling customers to both measure and control their profitability. And because it can be integrated with Schneider Electric’s simulation and modelling software in a digital twin environment, users are further enabled to forecast profitability under different conditions or if changes to the operation are made. Profit Advisor provides users with a:

HISTORICA DATA

– to evaluate the historical performance of the plant to assess its operational profitability, helping plant personnel analyse and understand how the operation performed during different conditions. It enables the workforce to identify true performance-improving initiatives to individual pieces of equipment.

REAL-TIME PERFORMANCE

– to indicate current performance and inform plant personnel when their operating decisions are making the business more profitable. It also enables plant personnel to determine which parts of operation are constraining operational profitability and accurately estimate the business value their decisions might create.

PROFIT PLANNING

– to empower process engineers to predict the profitability of the changes they are proposing, to minimise project risk, and eliminate waste.

Profit Advisor offers its users IIoT solutions to improve business results in real time, from their equipment assets all the way to their enterprise value chains. It helps convert process control and automation systems into real-time industrial profit engines.

See the full Schneider Electric press release here