Watt IQ’s data-driven insights from a strategic assessment of a global biotech company’s assets and asset management priorities resulted in an optimization roadmap and a transformed asset lifecycle – saving $3.8 million in a year.
Does your biotech business need to streamline and optimize its assets? With machines, appliances, and devices running 24/7, asset tracking and monitoring becomes a continuous challenge.
Optimize Your Biotech Operations with WattIQ – Next-generation asset utilization optimization and condition monitoring delivers outsized returns in R&D labs. WattIQ’s latest case study showcases a powerful, data-driven approach to asset performance management. More details at https://wattiq.io/2024/10/10/case-study-unlocking-3-8m-in-savings-through-asset-utilization-optimization/
In the competitive world of biotech, cost of drug discovery has increased exponentially. WattIQ’s case study shows how a leading Boston-based biotech company saved an impressive $3.8 million by optimizing its R&D lab equipment utilization. Leveraging WattIQ's advanced asset performance insights, the company eliminated inefficient spending, avoided unnecessary purchases, and transformed its asset lifecycle.
In doing so, the company:
The case study discusses how the biotech company struggled to optimize its capital and operational spend on R&D equipment resulting in overspending on service agreements and additional lab space for their underutilized assets. Partnering with WattIQ enabled them to streamline asset utilization, unlocking significant value from existing resources. WattIQ’s solution is designed to be both simple and scalable, making it easy to implement across diverse operations.
In addition to optimizing asset performance, WattIQ’s data can enhance operational efficiency by informing asset scheduling. As a WattIQ spokesperson notes:
"Optimize asset sharing and maintenance by scheduling work based on usage patterns. Service providers can enhance service levels and staffing by adjusting to asset capacity and peak usage times, and seamlessly integrating this data into maintenance planning."
The study shows that WattIQ’s asset optimization solution framework reduced the annual equipment service spend by 18% in less than nine months. The biotech company achieved a remarkable 1600% return on investment, with 76% of its entire asset fleet monitored. This data-driven approach ensured operational spend was optimized for quality and efficiency. .
Just think about the untapped savings and efficiencies your company might be overlooking right now.
Transformative Results
The study concludes: "The lesson for biotech companies facing similar challenges is clear—understanding how your assets are being used can transform your operations and deliver significant savings. By optimizing equipment utilization, businesses can not only reduce waste but also position themselves for long-term, sustainable growth."
Is it time to unlock those hidden efficiencies? Optimize your assets with WattIQ today.
For more information, visit https://wattiq.io/2024/10/10/case-study-unlocking-3-8m-in-savings-through-asset-utilization-optimization/
