Asset-heavy industries make up ~40% of the total US GDP. While these industries play a critical role in our daily lives, they are also responsible for ~40% of global carbon emissions. In the US, the transportation sector alone is responsible for producing 29% of total US greenhouse gas emissions, the highest of all economic sectors. Additional emissions come from inefficiencies in asset management workflows – corrective action often occurs in response to a component failure.
Sustainable asset management strategies can reduce the environmental impact of asset-heavy industries. FLIP (Fleet Logistics Intelligence Platform) aims to make asset management more sustainable by providing analytic software solutions to an industry that is historically slow at adopting digital transformation.
Asset managers need a solution that seamlessly integrates Enterprise Asset Management databases with real-time telematics sensors to extract meaningful insights on asset health. They often resort to creating their own spreadsheets to digest data from various sources. These manual systems add an additional layer of administrative tasks that are prone to human error, keeping asset-heavy enterprises from focusing on revenue-generating activities and achieving their ESG sustainability metrics.
As a first customer, FLIP has partnered with the US Air Force to modernize its vehicle management workflows, providing a data integration layer and analytics tool that interoperates with its existing asset management tech stack. FLIP unifies asset and maintenance data from different sources, automates asset health analysis, generates trends and actionable insights, manages repair schedules, and predicts the risk of vehicle breakdowns. The team’s machine learning model predicts the risk of vehicle breakdown with 3.3x more accuracy than current methods – minimizing downtime and increasing operational efficiency.
FLIP’s core innovation can be expanded to optimize the life cycle of any asset. The team plans to apply its technology to the broader transportation, aviation, and manufacturing industries.
Jeff Jang (MBA, GSB), Jordi Vila (MBA, GSB), Jack Hochschild (PhD, CEE), Prof. Stefan Wager (GSB/PI)