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Xerox’s PARC Announces Novity, a New Venture to Address Unplanned Downtime in Industrial Manufacturing
Venture Is Focused on Predictive Maintenance Technology That Aims to Bring Customers Closer to Ultimate Goal of Zero Unplanned Downtime PALO ALTO,
About this update from Xerox Holdings Corporation
[{"type":"text","content":"\nVenture Is Focused on Predictive Maintenance Technology That Aims to Bring Customers Closer to Ultimate Goal of Zero Unplanned Downtime\n\n PALO ALTO, Calif.--(BUSINESS WIRE)--\nPARC, a Xerox company, announced today the launch of Novity™, a new venture to commercialize predictive maintenance (PdM) technology that reduces unplanned downtime in industrial manufacturing operations.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220309005036/en/\nUnplanned downtime is a key pain point for manufacturers, with recent studies indicating that it costs industrial manufacturers an estimated $50 billion each year.\n\nThe Novity solution is an Industrial Internet of Things (IIoT) technology that uses equipment sensors and proprietary algorithms to enable industrial manufacturers to see the future health of their production assets. The Novity TruPrognostics™ engine relies on a combination of machine learning and physics-based models of equipment. This allows Novity to predict equipment failures with 90 percent or better accuracy and lead times of months, not weeks or days.\n\n“Over the course of many conversations with customers in the industrial manufacturing industry, we identified critical problems where current solutions fall short: they require too much data, they aren’t accurate enough, and they don’t give users enough advance notice to act before it’s too late,” said Novity General Manager Markus Larsson. “Our goal with this solution is to solve these problems, ultimately enabling zero unplanned downtime.”\n\nPennsy Supply, the leading manufacturer of aggregate, sand, asphalt, and concrete throughout the North and Central Regions of Pennsylvania, has installed a pilot deployment of the Novity technology and is already seeing benefits.\n\n“Novity’s solution has proven itself effective very quickly. Novity has delivered an excellent PdM solution for Pennsy,” said Larry Kessler, Director of Operation Support, Pennsy Supply. “Within the first month, the system picked up a potential issue with a mill, allowing us to take preventative action, avoiding costly unplanned downtime.”\n\nIn addition to increasing the accuracy and prediction horizons of the solution, Novity’s TruPrognostics™ engine also reduces the need for large amounts of data to deliver results. By leveraging a l...