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PROGNOSTIC - Cognitive Maintenance Platform

Prognostic is an AI driven Asset Performance Management Platform that Monitors, Predicts & Alerts the condition of Asset in Realtime

Photo of Shravane Balabasqer
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PROBLEM STATEMENT:

Traditional bottom up condition surveying has been used for decades to inform the level of investment needed to maintain assets in a safe, operational and fit for function condition. 

71% of the total cost of ownership of commercial fixed assets is driven by Operations & Maintenance cost. 

While in Industrial Companies Unplanned Breakdowns and repairs are the key reasons for increase in maintenance costs & reduced service efficiency. 

Over 50% Industrial business have identified Energy Efficiency as an area to reduce cost and reduce their carbon footprint.

When an Asset is Not functioning as intended the impact to business is clear in lost revenue. However on the Customer end i.e: for the citizen using the Stations and other related infrastructure the impact is more personal.

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OUR SOLUTION:

Prognostic solves the problem of unplanned breakdowns & repairs using data to deliver an automated Condition Monitoring, Energy Monitoring and Predictive Maintenance, powered by AI for Asset Performance Management and long term Asset Maintenance Investment Planning to invest on the right asset, at the right time and for the right cost.

How will your solution benefit residents, workers, or visitors in the Michigan Central Station impact area? (1,000 characters)

PROGNOSTIC is built to help Operations and Maintenance teams in proactively Identifying problems before they occur and optimise their annual maintenance budget by investment planning based real-asset condition. Overall Benefit will: - Monitor Asset Efficiency and Performance in real time - Alert when Asset Problem has been identified - Monitor Energy Efficiency in real-time - Maximize the effectiveness of dollars spent using lifecycle cost optimisation techniques - Automate detailed level Asset Investment plan in real-time & Automate Work Order planning for future

Describe your solution's stage of development

  • Prototype - you have built a prototype and tested it with potential users
  • Pilot - you have implemented your solution in a real-world scenario

Insights from previous testing (500 characters)

Data is biggest part of our pilot, We have piloted and tested asset condition monitoring using sensor data. Through our Pilot we have learned certain models are replica table but having the customer and process owner closely working together leads to successful delivery.

Tell us about your team or organization (500 characters)

Shravane brings 15+ years experience in Asset Management and I hold a B.Eng in Aerospace & MS in Systems Engineering with Distinction. I worked in IBM as Operations Technology consultant and European lead for Asset Management for ATKINS SNC-Lavelin. Rob Bachan has over 24 yrs experience with deep expertise in technical leadership. His career spans from software product companies to start-ups and over 10.5 years with IBM GBS Europe as as a Chief Architect for Mobile & IoT CoE.

Size of your team or organization

  • 2-10

Team or Organization URL

http://www.prognostic.io

Are you submitting as a student team?

  • No

Are you submitting as a team from the Impact Area?

  • No

Funding Request

  • $100,000

Rough Budget (500 characters)

We reckon the cost of the Pilot Project would range in cost from $100K-$150K We will deliver the project into 3 phases which will be detailed below. Broadly as a ROM, we expect the cost to go across the following elements of spend: 1. Software Cost (Software Licensing) - $40K 2. Service Cost (Asset Surveys + Workshops + Customisation ) - $50K 3. Infrastructure Cost (Cloud Hosting) - $10K 4. Managed Services and Support (Post Pilot) - $20K

Describe how you would pilot your idea (1000 characters)

We will deliver the Project in 3 Phases: DISCOVERY PHASE: - Establish project, Pilot area, Data Required, Key Individuals needed - Define pre-requisites, use cases, as-is technical architecture - Baseline Metrics, Issues / Challenges, "What good looks like" - Define reliability criteria Conduct top-down estimate of Pilot MVP rollout cost across DEVELOPMENT: - Conduct component criticality assessment - Collect BMS data /detect data failures - Identify failure modes - Conduct failure modes & Root Cause Analysis - Design, build, Test and iterate solution in weekly sprint cycles DEPLOYMENT - Establish KPIs to monitor progress - Train end users on Dashboard and alert - Conduct user acceptance - Sprint release of incremental part of viable system - Updated product backlog Our Key Challenges: 1. Process Knowledge from Internal Process owners 2. Availability of Internal Resource will be pre-agreed 3. Access to Data or lack off should be identified early

Describe how you would measure the success of your pilot (1000 characters)

Our Success if purely a measure of User Adoption, If the End User i.e: Maintenance Director and His Team find the solution helpful and intuitive enough they rely on our solution solving their problems. Tangible Metrics relate to cost: Reduction in Asset Maintenance Cost Reduction in Energy Cost Reduction in Asset Survey Cost Increased Overall Asset Efficiency

Sustainability Plan (500 characters)

We were established in July 2016, We have gone through some scary phases but we came out of them successfully. We have every intention to continue: 1. We intend to scale the pilot 2. We have an interesting solid pipeline of opportunities to go after 2. We have created a niche space but a big enough space for us in Asset Management 3. We are preparing for a Large Seed funding round to enter US market. 4. We have recently hired a CTO and Targeting new Asset Management professionals to hire.

Social Media

https://www.linkedin.com/in/shravane/

Attachments (1)

PROGNOSTIC ONE PAGER INVESTOR VERSION.pdf

Prognostic Journey - A one page description of who we are and how we got here

1 comment

Join the conversation:

Comment
Photo of Mackenzie Fankell
Team

Shravane Balabasqer Thank you for sharing this proposal! I am a Michigan Central Station Challenge facilitator. How do you envision that your solution will improve mobility in Detroit? What Operations and Maintenance teams would you be partnering with in Detroit to pilot your solution? Thank you!