Uptake Acquires ShookIOT To Help Industrial Firms Unlock The Value Of Data To Expedite Digitization Of Asset Management
On February 8th, 2021 Uptake announced that it had acquired ShookIOT, the US-headquartered IIOT solutions provider. Founded in 2014 and headquartered in Chicago, USA, Uptake is an industrial AI software provider with asset performance management (APM) solutions being its core offering. Some named customers of Uptake include BHE Renewables, Caterpillar (also an early investor), Rolls Royce and the U.S Army. With this acquisition, Uptake aims to unlock the value of data for industrial firms by aggregating, contextualising, and organising the data and creating a common thread to enable advanced analytics.
Financial materiality of asset reliability of each industrial plant along with the current state of asset management technology maturity are the two key aspects, which firms should consider before embarking on their asset management digital transformation project. While there is no one-size-fits-all approach to asset management digitization, having a solid data management foundation that involves collecting data on the condition of assets and then unifying this data to have a single source of information to generate actionable insights is the essential first step. Uptake with this acquisition seeks to expedite this process so that firms can get the value from their data quicker. Combined offerings include Uptake Fusion Powered by ShookIOT to migrate OT data to the cloud using Uptake Connectors and Uptake Elevate, while Uptake Lenses helps to organize and contextualize data from multiple vendors and systems in Microsoft Azure and visualize data trends in an easily understandable way for users in different functions such as operations, maintenance and engineering.
There is increasing appetite as well as commitment from industrial firms to improve their asset management strategies with digital technology. Asset management initiatives, especially around maintaining asset integrity and reliability is a key element included in the operational excellence framework of industrial firms. Verdantix survey of 259 executives in operations, maintenance and engineering roles shows increasing spend by firms on software for maintenance planning and execution, asset failure prediction and asset investment planning in 2021.
For more information on industrial asset management technologies, read the following Verdantix reports: Market Overview Asset Management Software Landscape, Best Practices For Digitizing Industrial Asset Management.