Are you spending too much money collecting the wrong data?
In our last blog we looked at what condition monitoring would look like in a car, showing how the quality and relevancy of information is more important than the amount of data. This week, we want to focus on the sheer cost of data, and how condition monitoring can help you curb these costs without losing out on valuable and potentially business critical insights. By doing so, we hope to show that the ‘over-collection’ of data does have consequences and that you shouldn’t just collect all the data in the world ‘just because you can.’ After all, the cost of too much data is not just a monetary one.
Start with the basics
The quest for data should always start with a relatively simple question: why? Why do we need this data and what makes it imperative to collect? If there isn’t a good reason for collecting certain metrics, you may just be indulging in the unnecessary collection of data. Not only that, but you need to have a contingency plan for the data. For example, you need systems in place that process the raw potential of data into useable information – which requires processing power, but also human input. Always ensure that each segment adds a new and unexplored dimension to your reporting and the way you understand and analyse your machinery. If your collected data doesn’t do this, then you may need to reassess the reasons behind why you are collecting it in the first place.
Too much data = money wasted
And no, this isn’t just a minimalist way to run your business and collect data. Wading through a sea of data often means that you fail to recognise and address the figures that do matter. Some of these may even be urgent and business critical. As a result, you can lose sight of what’s important and spend too much time, attention, and money on the wrong things.
Unnecessary data can cost you thousands of pounds in uploading, maintenance, storage, and collection costs. Server costs and cloud storage, for example, are a few elements that can get expensive very quickly.
And what for? Just so you can let it sit there and do nothing with it? If you’re collecting data on the off chance that you may need it one day, this suggests that you don’t actually know the main reason for collecting it. And that’s never a good thing. You should attribute value to your data based on its intended outcome and, more importantly, the effect this has on future decision making.
Focus on the outcomes
Here at Sensor Works, we are concerned about the symbiotic relationship between you, your data, and the vital conclusions you draw from it. This is why we make intuitive sensors and set up condition monitoring systems that collect the most important data at the most logical intervals. Not only does this save you storage and maintenance costs, but it also removes any unnecessary data, leaving only the most vital figures. On top of that, we believe in the integration of data with powerful software and trending tools, which can allow you to extract valuable information from your machinery. This, in turn, allows you to be part of a highly effective feedback loop which focuses on preventing breakdowns and machinery failures in a time and cost-efficient manner.
By interacting with your data, understanding the sensors and processes that work to collect it, and implementing a structured analytical framework, you can take decisions that make a difference to your machinery and productivity. Furthermore, you’ll feel confident knowing that your decisions are backed up by the right figures. After all, information is what we’re after, and not just endless streams of data.
Get in touch with us for more information regarding our sensors and our condition monitoring systems.