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