WattIQ, a US-based leader in remote device monitoring and asset performance management (info@wattiq.io), has unveiled new findings on asset utilization optimization within the biotech sector.
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WattIQ's newly published case study highlights the transformative impact of asset utilization optimization for a prominent Boston-based biotech company, which realized $3.8 million in savings in the first year. By leveraging WattIQ's cutting-edge asset management software, the company pinpointed inefficiencies, eliminated unnecessary expenditures, and reimagined the lifecycle management of its R&D lab assets.
More details can be found at: https://wattiq.io/2024/10/10/case-study-unlocking-3-8m-in-savings-through-asset-utilization-optimization/
The case study details how the biotech company initially lacked visibility into its asset utilization and equipment capacity, resulting in the purchase of unnecessary equipment and services, investment in additional floor space and inefficient capital management. In collaboration with WattIQ, the Boston biotech company adopted a data-driven approach to increase overall equipment efficiency (OEE) and space optimization by augmenting asset utilization data with factors such as business criticality, mean time to failure, asset age, and redundancy.
A WattIQ spokesperson noted, “The company recalibrated their equipment service coverage, aligning it more effectively with operational needs and resource utilization.”
As a result, the company saved over $2 million by reducing unnecessary equipment servicing, generated $1.3 million by selling surplus assets, and reallocated resources to avoid $0.5 million in capital expenditures.
WattIQ provides device usage intelligence by analyzing power signatures and combining this with sensor data and proprietary algorithms to detect usage patterns and anomalies. This data-driven approach enables businesses to prevent workflow bottlenecks proactively, align maintenance plans with usage frequency, and detect potential equipment failures significantly improving operational efficiency. Additionally, this information can inform scheduling and space planning decisions.
A spokesperson from WattIQ explained, “With our system, businesses can optimize asset sharing and plan maintenance more efficiently by leveraging usage patterns. Service providers can enhance service levels and staffing by adjusting to asset capacity and peak usage times, seamlessly integrating this data into maintenance planning.”
The case study also underscores a 77% increase in liquid handler capacity, achieved through automation investments enabled by WattIQ’s solutions. Within nine months, the biotech client experienced an extraordinary 1600% return on investment, with 76% of its asset fleet under real-time monitoring. Data-driven insights ensured that new capital asset investments were based on data vs gut-feel.
The study concludes: “For biotech companies facing similar challenges, the takeaway is clear: understanding how your assets are utilized can revolutionize operations and generate substantial savings. By digitizing and optimizing asset lifecycle management, businesses not only reduce waste but also set the stage for efficient and sustainable growth.”
For more information, visit https://wattiq.io
Contact Info:
Name: Alison Butler
Email: Send Email
Organization: WattIQ
Address: 400 Oyster Point Blvd Suite 414 , South San Francisco, CA 94080, United States
Phone: +1-650-754-6661
Website: https://wattiq.io
Source: NewsNetwork
Release ID: 89145491
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