KARACHI: Octopus Digital, a wholly-owned subsidiary of Avanceon Limited, signed an Industry 4.0 and digital transformation partnership memorandum of understanding (MoU) with Hub Power Services Limited (HPSL), a wholly-owned subsidiary of Hub Power Company (HUBCO), an Independent Power Producer (IPP) in Pakistan.
As per the MoU, Octopus Digital will enable digital Key Performance Indicators (KPI) dashboards, cloud-based reporting and data-driven asset maintenance services for HUBCO power plants. Both companies will also work out a joint business plan for co-marketing and co-selling dashboarding services to other industries within Pakistan and abroad, Avanceon Limited said in a statement issued at Pakistan Stock Exchange (PSX) today.
Avanceon’s Octopus Digital is an Industry 4.0 pioneer in Pakistan and the Middle East by providing major multinationals digital dashboards, prediction via machine learning and cloud computing without any Capital Expenditure (CAPEX) investment. Through its unique monthly subscription model, the fundamental needs of the industrial process monitoring, measurement, and performance reporting are met.
HUBCO has a combined installed power generation capacity of nearly 3,000 MW, through its existing power plants and joint ventures. Additionally, HUBCO is constructing two more power plants with a total power generation capacity of 660MW. HUBCO is the only power producer in Pakistan with investments in four projects listed under CPEC, valued at approximately $4billion.
Industry 4.0 is a modernisation and streamlining process that increases access to helpful and maximises productivity and reduces the number of resources used. With less money spent on materials and labor, and fewer customer rejects and manufacturing setbacks. Industry 4.0 also helps manufacturers to boost productivity and revenue growth.
Another important way by which Industry 4.0 can impact manufacturing is by driving closer interactions with customers. The technology, data, and information that can help transform manufacturing operations can also make processes and systems more responsive to customer needs.
The unique capabilities of interconnected technologies allow manufacturers to respond and adapt more quickly to customer requests and even develop custom orders with less labor and setup time than in traditional manufacturing.
Manufacturing processes are constantly evolving, leading to leaner production and improved processes. With Industry 4.0 technology and strategies, industries can ensure that their processes are delivering the necessary information that can guide the upgrades and optimal performance that keeps them ahead of the competition.