Manufacturing Energy Transformation
The need for Manufacturing Energy Transformation as a key step in the Journey towards Industry 4.0 and Complying with the SEC’s Scope 1, 2, and 3 GHG Emissions Reporting
ThinkIQ empowers manufacturers to track and analyze energy consumption and waste supporting their transformational journey toward achieving Industry 4.0 Smart Manufacturing.
Establishing sustainable manufacturing processes requires a better understanding of the impact of carbon emissions and waste within the factory as well as across the supply chain. However complex supply chains, manufacturing blind spots, and data captured in different formats can make deep analytics difficult at best and decision making impossible at worst in the drive to being carbon neutral.
Automating Collection & Reporting of Scope 1, 2, & 3 GHG Emissions Data
Download the eBook now and see how the ThinkIQ systems can help with GHG emissions reporting!
Understanding Manufacturing Energy Transformation
Industries globally are adopting goals of becoming carbon neutral and recognizing the positive financial impact of manufacturing waste reduction and improved use of current and alternative energy sources. Manufacturing Energy Transformation initiatives center on solutions to capture, contextualize and analyze energy consumption, carbon emissions and waste within the walls of the factory as well as across the supply chain all with the primary goal of supporting decarbonization efforts.
To spur these decarbonization efforts an “Industrial Decarbonization Roadmap” has been developed by the U.S. Department of Energy’s (DOE) to identify four key pathways to reduce industrial emissions through manufacturing innovation. It presents an agenda for government, industry, and other stakeholders to work together to accelerate emissions reductions.
ThinkIQ understands the challenges this present to manufacturers and provides the granular and highly contextualized view of data across time and the extended supply chain to identify trends and anomalies. The ThinkIQ processing engine include a semantic model, vision pipeline, material ledger and next gen historian that provides data visualizations, material flow explorer, product traceability, and data analysis to support decarbonization, energy and waste compliance reporting requirements.
SEC Proposes Rules to Enhance and Standardize Climate-Related Disclosures
Energy transformation is becoming a mission critical issue that even the US government is setting upcoming mandates that include:
- Documented governance of “climate-related risks and relevant risk management processes”
- Identification of how any climate-related risks identified “have had or are likely to have a material impact on its business and consolidated financial statements, which may manifest over the short-, medium-, or long-term”
- Analysis of how “any identified climate-related risks have affected or are likely to affect the strategy, business model, and outlook”
- The impact of climate-related events and natural disasters as well as transition activities on the line items of consolidated financial statements, and on the financial estimates and assumptions used in the financial statements.
ThinkIQ delivers the necessary granular and contextualized data to understand, plan, manage and report on these initiatives so manufactures can maintain and report on compliance.
Decarbonization Support
The SEC proposal also requires information disclosure on direct greenhouse gas (GHG) emissions and indirect emissions from purchased electricity or other forms of energy. Additional disclosures of GHG emissions from upstream and downstream activities across the entire supply chain will also be required. These proposed disclosures are similar to those that many companies already provide based on broadly accepted disclosure frameworks, such as the Task Force on Climate-Related Financial Disclosures and the Greenhouse Gas Protocol.
Granular and Contextualized View
Many manufacturing technologies can consume existing data sources such as organization definitions, enumerations, measurement units, equipment definitions, quality and other material attributes, location definition, quantity kinds, process attributes and industrial data. In addition to consuming these data sources, ThinkIQ can also process inputs for relationships, material/product definitions, person definitions, video data sources, material/product transformations and event and time offsets to build a granular and highly contextualized view of your data.
Features of ThinkIQ for Manufacturing Energy Transformation
- Full energy and waste data aggregation
- Real-time and/or historical energy and waste data reporting
- Enterprise-wide; inside and outside the four walls; capturing and/or simulating energy and waste data from outside that directly impacts inside the four walls
- Contextualized Data
- Plant-level and/or enterprise-level drill-down analysis
- Advanced energy and waste analytics
- Comprehensive energy and waste data visualization
- Scorecards and dashboards
- Custom and standard Key Performance Indicator (KPI) calculations
- Data mining
- Integration and standardization of different data systems/sources
Benefits of ThinkIQ for Manufacturing Energy Transformation?
Benefits of ThinkIQ for Manufacturing Energy Transformation:
- Understand and improve overall energy consumption
- Understand and improve manufacturing waste across the supply chain
- Support decarbonization initiatives
- Correlation Analysis – Deep/Contextualized Analytics
- Respond more quickly to changes – Timely Insights & Actionable Intelligence
- Make better, more informed business decisions
- Establish best practices for waste management and energy consumption
- Establish benchmarking for continuous improvement
As consumers start to increasingly support more environmentally friendly and sustainable brands, Manufacturing Energy Transformation will play an integral role in driving mission-critical decisions within today’s manufacturing organization.
With ThinkIQ, you can learn what happened, why it happened, predict future events, and then share this intelligence with other systems and workgroups. This will drive energy and waste efficiency and provide broader decision support impacting issues across your company. Once you have this level of energy and waste insight, you can confidently take the next step in your journey toward Industry 4.0 Smart Manufacturing.
