As part of their 2014 report on the Global Condition Monitoring Market, Frost & Sullivan has singled out SETPOINT® for an Excellence in Best Practices Award.
In 2012, SETPOINT® further expanded its capabilities by adding condition monitoring software to its portfolio. Rather than build a stand-alone software infrastructure, SETPOINT® strategically partnered with OSIsoft, the maker of the PI System® software. Together, they demonstrated that high-bandwidth, sub-millisecond vibration waveform data could be streamed directly into a PI database—a feat that had been routinely dismissed by the vibration industry as “impractical” or even “impossible.”
“The SETPOINT® team’s decision to harness the power and installed base of the PI System, rather than developing a stand-alone condition monitoring infrastructure, was both insightful and strategic,” said Frost & Sullivan Research Analyst Vijay Mathew. “It was also able to tap directly into the huge installed base of PI System® users globally, eliminating the need for the customer to invest in a separate condition monitoring software system. As a result, the SETPOINT® solution is also one of the most cost-effective offerings in the market.”
The primary reason for SETPOINT’s® partnership with OSIsoft is the elimination of redundant computing, network, and software infrastructure through the optimization of the existing PI System®. The secondary reason is OSIsoft’s ability to envision future market dynamics and Mega Trends that could affect the businesses, economies, and societies of tomorrow. Plus, making quick and informed decisions regarding the condition of an asset requires real-time analysis of large volumes of data, also known as Big Data. OSIsoft is the foremost leader in Big Data, with the PI System® being an integral part of the Big Data ecosystem.
The open infrastructure of the PI System® enables cross collaboration and knowledge-sharing among partners through a common platform. Capabilities such as expert system anomaly detection, thermodynamic performance monitoring, statistical data mining, reporting tools, Microsoft Office integration, and many others are all available through this network of partners. This provides substantial value to customers because it eliminates the construction of numerous application silos, each with its own proprietary database. Moreover, it is highly possible that the required application already exists within OSIsoft’s Partner ecosystem.
Overall, the success of SETPOINT® hardware and software has enabled it to branch out as a separate business unit and operate completely independently of Metrix. For this achievement and its high potential to drive progress in the condition monitoring market, Frost & Sullivan is pleased to present SETPOINT® with the 2014 Global Frost & Sullivan Award for Customer Value Leadership.
Each year, Frost & Sullivan presents this award to the company that has demonstrated excellence in implementing strategies that proactively create value for its customers with a focus on improving the return on the investment that customers make in its services or products. The award recognizes the company's inordinate focus on enhancing the value that its customers receive, beyond simply good customer service, leading to improved customer retention and, ultimately, customer base expansion.
Frost & Sullivan Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis and extensive secondary research to identify best practices in the industry.