Profit Per Hour as a Target Process Control Parameter for Manufacturing Systems Enabled by Big Data Analytics and Industry 4.0 Infrastructure

The rise of Industry 4.0 and in particular Big Data analytics of production parameters offers exciting new ways for optimization. The majority of factories in process industries currently aim for example, either for output maximization, yield increase, or cost reduction. The availability of real-time data and online processing capability with advanced algorithms enables a profit per hour operational management approach. Profit per hour as a target control metric allows running factories at the optimal available operating point taking all revenue and cost drivers into account. This paper describes the suitability of profit per hour as a target process control parameter for production in process industries. The authors explain how this management approach helps to make better operational decisions, trading off yield, energy, throughput, among other factors, and the resulting cumulative benefits. They also lay out how Big Data and advanced algorithms are the key enabler to this new approach, as well as a standardized methodology for implementation. With profit per hour an agile control approach is presented which aims to optimize the performance of industrial manufacturing systems in a world of ever increasing volatility.