New platform capabilities address the hundreds of millions lost each year in failed AI attempts
Canvass Analytics Inc. (“Canvass AI”), a leader in industrial AI, today announced the release of the Canvass AI platform v4.2, which provides new capabilities that fast track successful implementations of AI in industrial environments.
“Gartner estimates that a staggering 80% of AI projects fail. With Canvass AI, users avoid becoming a statistic, and instead attain the impact they set out to achieve across their industrial operations,” said Humera Malik, CEO of Canvass AI.
Unlike repurposed enterprise AI platforms, Canvass AI is designed and built for industrial engineers and focuses on making AI accessible to the user without requiring data science or coding expertise.
Enhancements included in this release answer three key questions for businesses and engineers embarking on their AI journey: How do I select the right AI use case? How do I extract deeper insights from my data? How can I accelerate time to impact?
“Our product vision is to make AI accessible to industrial operators so that they can quickly extract value from their data, define and develop real-world use cases, and drive impact across their operations. Customers have reported a 4x increase in successfully operationalizing AI use cases and accelerating time-to-value in their plants by using these new features,” said Jeff Wood, Director of Product Management.
The latest release of Canvass AI continues the company’s mission of delivering capabilities to process engineers that are otherwise reserved for expert data scientists. With Canvass AI v4.2, engineers can quickly and easily:
- Identify and select successful AI use cases: Canvass AI provides users with proven best practice frameworks to identify, define, and assess their AI use cases. This is achieved as Canvass’ AI platform streamlines the AI use case building process, helping users to rank and prioritize which AI use cases to pursue, and share and institutionalize knowledge.
- Transform industrial operations from one dimensional, model predictive control-based black boxes to three-dimensional visual systems: 3D Charting enables users to obtain deeper insights into the performance of their assets and processes by visualizing up to three different parameters in one view. This enables users to quickly extract data insights and understand data relationships to further refine data for model training.
- Define and scale AI models faster: Canvass’s Notebook provides visibility into the anatomy of an AI project, including a record of data preparation, model building, evaluation, and training to aid team collaboration and scaling AI models.
- Build and validate AI models faster: Automated error code cleaning accelerates the data preparation process. Canvass’s validation data capability enables users to quickly evaluate model performance against a secondary data set prior to deployment.
Canvass’ customers span the oil and gas, metals and mining, food and beverage, chemicals, energy, and automotive sectors. Canvass’ no-code Industrial AI platform is enabling Fortune 5000 industrials and manufacturers to addresses operational challenges, such as improving operating resilience, reducing carbon emissions, lowering waste, and energy optimization.
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