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IFS concluded its 2024 user conference, Unleashed, last week. A key focus of this event, just like many other industrial events, was industrial Artificial Intelligence (AI). But what sets IFS apart from many other organizations trying to leverage Industrial AI, is its strong focus on high value applications. The company also focuses on its core users in six verticals: aerospace and defense, construction and engineering, energy and utilities, manufacturing, service, and telecommunications. While the company enjoys a major presence in the ERP market, it continues to strengthen its position in the asset performance management (APM) space, with its leading field service management (FSM) and enterprise asset management (EAM) solutions. Here is a summary and the main highlights from the conference.
IFS Accelerates Industrial AI Reality with Release of IFS Cloud 24R2
At the event, IFS announced several new AI-powered features as part of its IFS Cloud 24R2 release. With this release, IFS Cloud 24R2 will add 60 new Industrial AI capabilities for all six of its target industries. New capabilities include:
Home: A new dynamic homepage that leverages IFS Copilot to provide an intuitive experience to users by offering a growing ecosystem of interactive widgets to help plan, manage, build and service assets faster, smarter, and safer.
IFS Copilot: IFS Copilot is now context-aware with pre-configured industrial capabilities that can work across IFS Cloud, thus capable of delivering deeper insights.
IFS.ai Copilot for FMECA: Within the Asset Applications module, the new IFS.ai Copilot for Failure Modes, Effects, Criticality Analysis (FMECA) unlocks insights from unstructured information such as manuals and maintenance reports to support and refine the analysis.
Manufacturing Scheduling Optimization (MSO) Simulation Capability: This new feature allows users to analyze and model the impact of new orders onto the shop floor to improve capacity planning and better meet customer demand.
New IFS Cloud Sustainability Management Module
Another major announcement at the event was the launch of new Sustainability Management Module in the 24R2 version of IFS Cloud. This new module was developed in collaboration with PwC UK. The powerful module includes new features which have been developed to help customers simplify and efficiently manage sustainability data collection and performance tracking across the organization.
IFS Announces the Launch of the Copperleaf Accelerate Program
A few months ago, IFS finalized its acquisition of Copperleaf Technologies Inc., a global leader in decision analytics. By integrating Copperleaf’s capital investment planning capabilities, IFS aims to enhance its asset management offerings and provide comprehensive, end-to-end asset lifecycle management solutions. At IFS Unleashed, the company announced the launch of the Copperleaf Accelerate Program. The Program will enable IFS customers to transfer asset management data in IFS into Copperleaf’s Asset Investment Planning (AIP) solution, enabling highly strategic investment planning. The solution benefits IFS customers by quickly and seamlessly leveraging all existing data in IFS Cloud to fast-track implementation and unlock a rapid return on investment.
ARC's Take on the AI-Infused Asset Performance Management (APM)
As organizations are looking to tie in their asset management practices with business goals such as higher revenue and profitability, they are looking to adopt advanced AI-infused APM solutions. In our leading APM market reports, we highlight how Industrial AI is being leveraged for different asset management applications.
ARC's Take on the AI-Infused Renaissance of ERP
We're seeing industrial-grade AI being infused in most enterprise software, prompting us to attach a new description of AI-infused ERP as the “Enterprise Renaissance Platform”. In our strategy report on Modernizing Industrial Software for the AI (R)Evolution, we highlight the pivotal role that ERP will likely play in driving the adoption of many Industrial AI use cases at scale.