Canvass Analytics Inc. a provider in AI software for intelligent industrial operations, has signed an agreement with Stelco to use Canvass’s AI platform to transform its steel operations, improve yield and boost productivity.
BI Intelligence predicts that global manufacturers will invest $70 billion on IoT solutions in 2020, up from $29 billion spent in 2015. As IoT adoption in manufacturing accelerates, this leaves steel plants challenged with untapped real-time data being processed across legacy systems, devices and machines. Canvass Analytics leverages AI and Machine Learning to transform previously unconnected data into predictive analytics insights that improve key business metrics. In many manufacturing processes, decisions are mostly based on institutional knowledge and limited data. Canvass bridges the gap between workforce knowledge and curated IoT inputs to create an Intelligent Operations solution that minimizes energy consumption, increases throughout, reduces downtime and extends the lifetime of a plant’s assets.
Alan Kestenbaum, executive chairman of Stelco, Inc. said, “As a company that strives to deliver the market’s highest quality products in a cost competitive manner, we are continuously looking at how we can operate better. By partnering with Canvass Analytics, we are systematically transforming our facilities into intelligent operations environments and augmenting a digitally oriented workforce in order to take the efficiency of our operations to the next level. Canvass Analytics quickly demonstrated to us the usefulness of AI in certain areas of our operations and the potential of applying AI across our operations in order to increase our profitability and competitiveness.”
Humera Malik, chief executive of Canvass Analytics said, “As manufacturers digitize their operations floor, they are inundated with volumes of data coming from a multitude of sources. The next step towards intelligent operations requires real-time analytics power that transforms operational data into actionable intelligence. Canvass Analytics empowers industrial operating teams to take control and make data-driven decisions that improves their performance, reduces costs and unlocks new revenue streams.”
Funded by Google’s AI-fund, Gradient Ventures, Canvass Analytics’ customers include Fortune 500 industrial companies across the manufacturing and Oil and Gas sectors. This latest customer win showcases how Canvass’s AI platform is being utilized by the industrial sector’s most innovative companies to advance their competitive advantage.