Yesterday, Dave McPhail and I gave a presentation at [MC]2 2014. It was a BIG hit and we received many compliments.
MTConnecting Your Income Statement
The Holy Grail in manufacturing is not just about getting the data via MTConnect and having a shop floor monitoring dashboard in place. The true Holy Grail is the ability to associate and correlate MTConnect data with the financial costing data contained within most manufacturer's ERP systems, as well as to quantify and display real-time dashboards that show the cost of poor performance in real-time in dollars and cents. This allows for the first time the ability for the manufacturing operations team to understand the absolute true cost of manufacturing minute by minute, hour by hour, day by day, anytime on any device. Important and timely decisions can now be made to increase income from operations by these new and important derived metrics, thereby achieving true manufacturing excellence.Below is the press release on our presentation:
Shark Tank-Inspired Manifesto for Manufacturing CEOs and CFOs-"Show me the money!"
ORLANDO, FL--(Marketwired - April 08, 2014) - MC(2) 2014 MTConnect: Connecting Manufacturing Conference - David McPhail and Dave Edstrom are on a network connectivity mission on behalf of manufacturing CEOs and CFOs. Their company, Memex Automation Inc. (TSX VENTURE: OEE), is an award-winning global leader of Machine to Machine (M2M) manufacturing productivity solutions, but they're not content to transform machine-level productivity. At a talk they're giving tomorrow at the MC(2) 2014 MTConnect: Connecting Manufacturing Conference, the executives are laying out their vision to tie income statements real-time to what is happening on the shop floor -- something they call "Financial OEE."
"Overall Equipment Effectiveness, or OEE, is the measurement of plant-wide capacity utilization, and it's generally accepted today as the most important manufacturing metric. However, using the open, royalty-free MTConnect standard, manufacturing companies can generate OEE in real-time, enterprise-wide, machine by machine," said McPhail, Memex Automation's CEO. "As useful as that is for shop-floor management engineers and continuous improvement coordinators, we're now saying that's not good enough. Manufacturing CEOs and CFOs deserve more. To use an analogy inspired by the popular business TV show Shark Tank, they have a right to stand up and say 'Show me the money!'"
"CEOs and CFOs in every manufacturing company can and should demand industry solutions that go beyond shop-floor monitoring systems to drive real-time updates to their income statements," emphasized McPhail. "The holy grail of manufacturing excellence comes from understanding how manufacturers can move from an OEE utilization dashboard to solutions that produce real-time costing and financial data so they can understand at any given second what their plants are producing in dollars and cents versus percentage efficiency metrics."
McPhail is teaming up with Dave Edstrom, Memex Automation's CTO, to deliver this productivity manifesto on Financial OEE. Edstrom was formerly President and Chairman of the Board of the MTConnect Institute, where he was instrumental in the creation of the MTConnect standard.
In October 2006, while working at Sun Microsystems, Edstrom and Dr. David Patterson of the University of California at Berkeley (UCB), laid out the MTConnect vision at AMT -- The Association for Manufacturing Technology's Annual Meeting. Edstrom is also the author of the book "MTConnect: To Measure Is To Know" as well as a prolific writer of white papers, technical and business articles.
McPhail and Edstrom's April 9(th) talk is titled "MTConnecting Your Income Statement" and will be given from 1:30 to 2PM at the Exhibit Hall of the Caribe Royale Orlando in Orlando, FL. Both executives will be available for interviews before and after that time.
About Memex Automation Inc.
Memex Automation (TSX VENTURE: OEE) is the global leader of Machine to Machine (M2M) manufacturing productivity solutions and the measurement of Overall Equipment Effectiveness in real-time ("OEE"). In 2013, Frost & Sullivan recognized Memex's flagship product MERLIN (Manufacturing Enterprise Real-time Lean Information Network) with its Technology Innovation Leadership Award, and Microsoft picked MERLIN to be its mid-market ERP machine connectivity solution. Mazak, North America's largest original equipment manufacturer of machine tools purchased MERLIN to manage its Florence, KY, plant and offers MERLIN on its price list. For more information, please visit: www.memex.ca.
Neither the TSX Venture Exchange nor its Regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Memex Automation Inc.
David McPhail
CEO
Phone: 905-635-1536
Email: davem@memex.ca
market2world communications inc.
Jill McCubbin
Communications Architect
Phone: 613-256-3939
Email: jill@market2world.com
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