Software

Schneider Electric, Seeq Corp. partner on financial measurement

Mar 08, 2017

Schneider Electric and Seeq Corp. have developed financial measurement and control software, EcoStruxure Profit Advisor, which they launched on Feb. 7 at ARC Industry Forum. It uses big data to gauge the real-time economic performance of equipment, operations, process units, facilities and enterprises.

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Running on-premise or on the cloud, Profit Advisor layers real-time accounting models onto Seeq's Workstation software, and works with any process historian to mine historical and real-time data, and processes that data through Schneider Electric’s proprietary, segment-specific accounting algorithms to determine real-time operational profitability and savings. In short, Profit Advisor allows staff to see and understand the ROI and business value their actions, activities and assets are contributing to the business in real time, and gives them analytics to make better decisions. The software's three main areas are:

• Historical Data Review to analyze and understand operations during different conditions, and find improvement opportunities down to the smallest equipment;

• Real-Time Performance Indication to show which decisions are more profitable, find what operations are constraining profitability, and estimate business value that upcoming decisions may create; and

• Profit Planning lets users predict the profitability of changes they're proposing.

"Conservatively, these models can improve production value by at least 3% and reduce energy and material costs by at least 5%," adds Chris Lyden, senior vice president, Process Automation, Schneider Electric. “These types of improvements have increased the profitability of process plants by up to $12 million or more annually."