Industrial Talk is chatting with Nikunj Mehta, Founder and CEO of Falkonry/IFS about “Enterprise AI - Establishing Trust and the Power of AI to your Enterprise Asset Management”.  The following are some key takeaways for our conversation:



Introduction. 0:04

Industrial assets operate at their optimal condition.
How technology and innovation can truly solve the challenges of today's market, and how it's happening at a pace that is so rapid.


Nikunj Background. 3:51

Nikunj introduces himself.
Growing up as the son of a factory worker and specifically a steel-producer.
How Falkonry started in the resource-intensive industrial space, and why he wanted to do something different.
How Nikunj came to the conclusion that there was something more to be gained from the data that was already being pulled from computers.
The industrial world and time series data.


How do you find the golden nuggets in the data? 10:00

The silicon valley story is preceded by the san francisco story, and it took them a long time to figure out what can help them find the gold.
The human condition is biased.
Donald Rumsfeld used to talk about unknown unknowns, and since then it has entered the pantheon of technical jargon that takes everybody's head for a spin.
Falkonry has become primarily about surfacing known unknowns and unknown unknowns. It is a software approach to find unknown unknown's.
The platform sits on top of the operations on level two, and is able to see what is going wrong in the plant.
False positives are not a problem.


It doesn’t cost as much to review anomalous behavior. 17:17

It doesn't cost as much effort to review something and say that it doesn't make sense.
It is learning what behaviors arise and how to predict behaviors and incorporate normal behavior.
Falkonry has signed an agreement to be acquired by ifs, and it will take to the end of Q4.
Falkonry has been serving in the area of production and process optimization.
APM is a field that many analysts have written off, but enterprise asset management has created sustainable long-term businesses.
Enterprise asset management approach is more holistic and global.


The problem with enterprise asset management and smart manufacturing. 24:16

Ai aims to streamline workflows and minimize inventory of parts over time and reduce the number of people required to serve a supplier.
APM has been around for 20 years.
Introducing something that is not part of his thinking, but now all of a sudden he has to rethink and change the way he looks at manufacturing.
Quality of life issues for the bottom-up.
People need to be able to trust AI until that adoption is not possible, and that trust requires bottom-up experience, studies and examples from their own world.
Once people can trust vibration analyst, the change management process is as simple as previously thought.


How to get a hold of Nikunj. 30:51

Trust is something that is so powerful, and in...