Published on 11/18/2016 | Strategy
In the private jet aviation industry, every minute of downtime due to equipment failure impacts operations significantly. In the US, the average cost per hour of downtime per aircraft can go as high as $10,000, depending on the type of aircraft.
Now, imagine a business jet that that tells you which parts are about to fail. Or when a drop in efficiency has occurred. The entire process starts with the Internet of Things (IoT) or the internetworking of connected smart devices—embedded electronics, software, sensors, actuators, and a network of connectivity that enables the collection and exchange of data from across the entire airframe. IoT isn’t new, but the hardware and software technology that helps aviation companies collect and analyze the data is just beginning to emerge.
The potential benefits of IoT and predictive analytics can be significant. Image an analytics platform that can:
· Predict 100 percent of high risk engines disruption events,
· Predict, within 95 percent accuracy, all engine events that lead to aircraft downtime,
· Reduce $150 million in annual costs in unplanned maintenance, customer delays and disruptions, and
· Save up to $60 million in downtime through application and action of predictive analytic alerts.
Let’s take it one step further and imagine a solution that can also identify the labor and spare parts needed to fix the problem, and then verify availability of each for scheduling the repair. Imagine your company benefiting from a:
· 70 percent improvement in call resolution times—say, from 50 minutes to 15,
· Savings of $36 million in support costs, and
· Up to 50 additional planes in the air annually without adding staff.
Analytics can now predict the likely cause of maintenance issues on an inbound aircraft, based on streaming data from onboard sensors and from historical data analyzed across the fleet. Thus, enabling a real-time prescription for maintenance action. Big Data Analytics along with Predictive Analytics and the Internet of Things (IoT) makes these scenarios possible—now.
