Cognite Reports $1 Billion in Industrial AI Value

Cognite has reported more than $1 billion in verified customer value from its Industrial AI and Data Platform, citing reductions in downtime, lower operating costs and improved production performance. The milestone comes a year after the company launched its $100 billion Moonshot, targeting measurable customer value by 2035.

Cognite reports that 36% of the value verified had been achieved by decreasing production costs. Furthermore, 27% comes from increased productivity and 26% is attributed to improved level of production. The remaining 10% comes from quick deployment of operational solutions.

Results of the research show how industrial AI enables maintenance, equipment availability and production processes to be optimized. By connecting real operating data with AI applications, companies accelerate response time to problems and decrease manual analysis, allowing plant workers to make decisions faster.

According to the report of Cognite’s partner Ignos, 62 machines were connected by Ignos at one customer’s site within nine months and recovered about 150 machine hours across in a day. This project demonstrates how information about how machines’ work can help prevent losses in production.

Cognite claims its contextualized time-series data has already surpassed 107 trillion points; it has increased by more than 39% over the last year. It says the customer value  is verified against operational performance indicators developed with individual clients.