“InsightEdge enables our customers to generate insights for C-level executives and line of business management and optimizes automated processes from an unprecedented amount of data generated by sensors and GPS readings from machines, products, employees, as well as inputs from shop floor apps, and back office systems,” said Yuval Lavi, VP Product Innovation at Magic Software. “The combination of integrated data from multiple sources, extreme data processing and real-time analytics provides insights that impact leaner operations and an improved customer experience.”
Magic xpi running with InsightEdge enables several data driven processes, for example, using sensors to monitor equipment to predict breakdowns, performing predictive analytics to determine which and how many quality tests should be performed, and sharing supplier production data with partners and customers to identify delivery delays and adjust processes accordingly.
McKinsey has noted that predictive maintenance initiatives can show a 10% reduction in annual maintenance costs and a 20% reduction in downtime with a 25% reduction in inspection costs for AI-driven predictive maintenance models.
This is not the first collaboration between Magic and GigaSpaces. Magic has been using GigaSpaces’ XAP In-memory computing platform for years to deliver fast data streaming, aggregation and calculations, and last year announced an InsightEdge integration leveraging InsightEdge as an IoT Hub. Magic xpi customers will now have an option to run InsightEdge to experience the benefits of real time analytics.
“Data integration combined with real-time advanced analytics is needed to fuel the factory of the future,” said Yoav Einav, VP of Products for GigaSpaces. “With the incorporation of InsightEdge capabilities into Magic xpi, we are bringing the power of machine learning to the shop floor and the back office to help companies optimize processes to maximize efficiencies and exceed their revenue goals.”