CBT Demonstrates Refinery of the Future ROI at LiveWorx

LiveWorx | June 10-13

June has been a big month for the CBT team, sponsoring and exhibiting at three major national conferences over the first three weeks of the month. The first of those conferences was LiveWorx 2019, hosted by PTC in Boston.

As we started out on our travels we had one goal in mind: demonstrate that our methodology for Industrial IoT is substantiated, differentiated and scalable. We wanted to show that CBT is truly ahead of the crowd because of our ability to deliver tangible value in Industrial IoT. CBT is unique because we have taken an Industrial IoT project beyond the proof of concept (POC) phase and are delivering real return on investment (ROI).

Refinery of the Future ROI
Our work at Texmark Chemicals’ Refinery of the Future has been a topic of conversation for over a year now. Initially, the project was exciting but also daunting. CBT recognized that, for companies like Texmark, capitalizing on IIoT technologies would be uniquely demanding because of their legacy IT and OT systems, worker safety considerations, and the need to keep the plant operational 24 hours a day, 7 days a week. Working with the Refinery of the Future Partner Consortium, we took a consultative approach to identify Texmark’s key functional and operational challenges and build them an individualized digital transformation roadmap.

The idea of utilizing IoT in an industrial environment like this is not uncommon, but very few companies have succeeded in implementation. After 12+ months of hard work, CBT can now proudly say that we (and the Refinery of the Future Partner Consortium) have delivered on 3 of the 5 original solution frameworks: Connected Worker, Asset Integrity Management and Video as a Sensor. No longer is the Refinery of the Future just a set of PowerPoint slides or a 5-minute demo, we’re collecting, analyzing and acting on data from critical pumps at the #1 producer of Dicyclopentadiene (DCPD) in North America.

Here are the early results from 3 solutions currently deployed at Texmark’s plant in Galena Park, TX:

  1. 400% increase in efficiency of preventative maintenance
  2. 90% reduction in time to file compliance evidence
  3. 89% decrease in standard pump inspection time
  4. 75% reduction in time to identify equipment malfunction/degradation

Needless to say, these are powerful numbers that have had a profound effect on Texmark’s business. For example, in 2018 Texmark’s insurance provider doubled their insurance deductible because they felt Texmark’s mechanical integrity program was underdeveloped. Basically, there was too much risk and Texmark didn’t have a mitigation plan. Just one year later, having implemented the aforementioned solutions as part of the Refinery of the Future project, not only has Texmark’s insurance provider reduced their deductible back to its original amount, but they are also touring their other customers around Texmark’s plant to demonstrate what an exemplary program looks like.

Conference Recap

Armed with our ROI numbers and many more anecdotal success stories from Texmark’s leadership, the CBT team thrived at LiveWorx 2019. Here’s a little more detail on our activities and announcements from the conference:

Focused on the industrial enterprise, LiveWorx brought nearly 10,000 technologists to discuss business strategies, see demonstrations and discuss the future of IoT. For the first time ever, CBT was an event sponsor (Showcase Level) and was invited to participate in a number of expert panels. Throughout the conference, our booth was packed with customers and partners looking to learn more about the Refinery of the Future. We were joined by Doug Smith, CEO of Texmark Chemicals, who provided key customer insights and real-world experience utilizing our IIoT technologies. In addition, our booth was frequented by fellow Refinery of the Future Consortium Members PTC and RealWear, who brought many customers over to to meet our team.

IoT and AR Partner Success: Common Themes on the Road to Profitability
Our first LiveWorx breakout session occurred as part of the Global Partner Summit, directly prior to the main LiveWorx conference. Our Founder & CEO, Kelly Ireland joined Mark Williams (Senior IPED Consultant, The Channel Company), John Gray (DVP, PTC Partner Network) and Joe Biron (IoT CTO, PTC) to deliver insights from the Refinery of the Future, describing how our nimble, fail-fast-and-innovate approach has led to success.

Refinery of the Future (RotF): Connected Worker
In this 15-minute session on the LiveWorx Industrial Edge Stage, CBT’s Director of Managed Services, Carl Anderson showed how Connected Worker brings plant operators/operations into the 21st century with intrinsically safe devices that deliver actionable plant data in real time.

IW397W – Empowering Men & Women to Build Inclusion & Diversity in Technology
Finally, Kelly joined an interactive panel and networking workshop focused on encouraging the next generation of STEM leaders. They discussed developing a personal brand and how to create a pipeline of diverse talent in technology. As one of the few female leaders in technology, this topic is close to Kelly’s heart. She is constantly exploring new ways to help young women succeed in technology and entrepreneurship.

Preferred AR Program Announcement

In addition to supporting our booth, bringing customers over and inviting our team to sit on expert panels, PTC had an exciting announcement for CBT:

Based on the success of the Refinery of the Future project and our experience with PTC’s ThingWorx and Vuforia technologies, CBT has been nominated to be part of PTC’s “Preferred Augmented Reality (AR) Program” and will become a Platinum AR Partner after completing additional certifications and training. What does that mean? CBT will be one of only 3 companies in the US that are considered go-to partners for AR solutions. We will receive dedicated training and will participate in exclusive demand generation programs to spearhead the growth of PTC’s AR business.

As an example of the work we’re doing in AR with PTC, check out our video on Industrial IoT for Manufacturing. More videos like this can be found on our YouTube channel.

In Conclusion

When all was said and done at LiveWorx 2019, our team had given 120+ demos and had many impactful customer and partner conversations. We are thrilled to be working toward our Platinum AR Partner status with PTC and can already envision the growth this program will enable for CBT. This was one of the most successful conferences we have attended in a long time and the LiveWorx team can count on us coming back even bigger and better next year.

To read about more of our recent conferences and activity, check out our blog page and subscribe to our mailing list.