The Industrial Talk Podcast Network

Nikunj Mehta with Falkonry/IFS

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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 a past life, nick dealt with trust from a data collection perspective.
              • How to get a hold of nick. He can be reached through the falconry newsletter and LinkedIn, and is happy to make himself available through his website.
              • People and trust are more important than algorithms and methods, and it is people and trust that tells you how much progress has been made.


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                NIKUNJ MEHTA'S CONTACT INFORMATION:
                Personal LinkedIn: https://www.linkedin.com/in/nrmehta/
                Company LinkedIn: https://www.linkedin.com/company/falkonry/
                Company Website: https://www.ifs.com/
                Company Website:  https://falkonry.com/
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