LumaSense Technologies introduced today, at its inaugural 6th Sense Summit, an Industrial Analytics initiative aimed at helping resource-intensive global companies awaken their 6th Sense™ to detect, reduce and ultimately, prevent an estimated $1.2 trillion lost annually to waste and inefficiency. LumaSense customers in Global Energy, Industrial Materials and Advanced Technologies markets can realize these bottom-line savings using our sophisticated LS6 sensor-based systems coupled with Industrial Big Data.
Experts estimate that industrial companies lose approximately 5% of their resources due to waste and inefficiency. This includes raw material waste from inefficient processes as well as aging plants, infrastructure, and equipment. According to the CIA World Factbook, gross world product (GWP) was roughly $80 trillion in 2011, with industry accounting for nearly 30% of the total or approximately $24 trillion. Preventing 5% of industrial waste and inefficiency translates into a potential savings of $1.2 trillion and could eliminate a considerable drag on global productivity.
"Inefficiency not only affects a company's bottom line, it also impacts consumers in the form of higher prices and impedes a nation's economy by lowering global competitiveness," said LumaSense CEO Vivek Joshi. "Customers like Corning, GT Crystal and Samsung report that our LS6 sensors eliminate a significant percentage of readily preventable waste. Add the efficiency gains that can be achieved by integrating advanced sensor technology with the data collection and analysis made possible by systems like our LumaSpec software, and the possibility for efficiency improvements is compounded."
LumaSense offers numerous solutions from temperature-sensing pyrometers used in the manufacturing of super-thin glass for mobile phones and tablet computers to dissolved-gas analysis (DGA) technology to help electric utilities maintain transformers and keep the energy grid running strong. LumaSense LS6 sensor systems, LumaSense software and 6th Sense platform solutions help the world's leading companies enhance their core manufacturing processes.
"Our mission is to help companies awaken their 6th Sense so they can gain better insight into their industrial processes and regain some of the $1.2 trillion outflow in annual productivity losses," said Joshi.
LumaSense invites customers and partners in the Global Energy, Industrial Materials and Advanced Technologies markets to join the 6th Sense Industrial Analytics Initiative to achieve immediate, progressive and enduring performance gains validated via the company's groundbreaking LS6 Predictable Efficiency Index.