In a CNBC article, Navigant Research weighs in on how sensors and software can improve operations and efficiency across the energy sector
Uptake Technologies, a start-up backed by Warren Buffett and AOL co-founder Steve Case, is one of the fastest companies to reach $2 billion in value. By using predictive analytics, the company’s software gathers big data from a variety of industries, including energy, to identify patterns that can help companies improve safety, productivity, and the bottom line.
Caterpillar, for example, uses the platform to see when its equipment might break down. In the energy industry, according to a CNBC article, Berkshire Hathaway Energy announced that two of its subsidiary companies would use Uptake to monitor wind turbines.
“Wind turbines have all been fitted with numerous sensors so you can get more visibility into what's going on in your wind farm operations,” Stuart Ravens, principal research analyst with Navigant Research, told CNBC. “You can become a far more profitable business just by using predictive analytics.”
Berkshire Hathaway’s subsidiaries, according to the article, will be able to see in real time when their turbines are malfunctioning or in need of maintenance. Ultimately, the use of predictive analytics will help to increase efficiencies and reduce costs.