Press Release

Canvass AI’s New Platform Release Fast Tracks Value Creation for Industrials

Published on:
July 28, 2021

New features make it easier for industrial engineers to apply, explain, and scale AI within days

TORONTO, Ont. – [July 28, 2021] – Canvass Analytics Inc. ("CanvassAI"), a leader in industrial AI, today announced the release of Canvass AI v4.1, the latest update to the Canvass AI platform, that dramatically improves industrial engineers’ ability to extract value from their data and advance their operations.  

 According to Boston Consulting Group, only 16% of manufacturing executives have captured value from their operational data, of which only 37% have scaled AI beyond specific areas of the plant. Canvass AI v4.1 addresses this challenge with new features that empower users to extract insights from their data, evaluate model performance, and interpret and explain AI models faster. With the new release, Canvass AI customers are achieving time to value in days, not months.

 Key enhancements include:

* Advanced model explainability and evaluation: Advanced visualizations enable users to better understand and evaluate model performance. With error charting and feature charting advancements, they can quickly pinpoint features that may impact model performance and determine when the model is ready for deployment faster.

* Greater data preparation controls: Advanced controls allow users to filter and visualize data for advanced data discovery and improve model accuracy. By empowering users with more control during the data preparation process, they can eliminate errors that lead to multiple model iterations and lengthy model training exercises.

* Flexible big data management: New automation features to accelerate big data management and dramatically cut time spent on starting a new AI project. This allows users to focus on working with their data, building models and gaining insights into their processes and assets. New advancements with this release of the Canvass AI platform empower users to deduplicate efforts and save time when applying data sets to different models and scaling models across multiple projects.

“Using AI is increasingly being seen as a strategic enabler required to future-proof the industrial sector,” said Humera Malik, CEO of Canvass. “The latest release of the Canvass AI platform doubles down on our focus on empowering industrial engineers to accelerate the process of extracting value from their data to drive impact across their organization. Our commitment to investing in our platform is part of our vision to be the #1 AI platform that empowers industrial workforces to improve profitability and achieve net-zero commitments.”

 Canvass’ customers span the food and beverage, chemicals, energy, metals and mining, oil and gas, pharmaceutical, and automotive sectors. The Canvass AI platform puts the power of industrial AI in the hands of engineers by providing an easy-to-use platform to apply and scale AI across their operations without requiring coding expertise or relying on third party consultants. It is purpose built to address industrial operational challenges, such as reducing carbon emissions, lowering costs, and energy optimization. For example, a leading Fortune 500 Canvass customer recently automated the optimization of its co-generation assets, which reduced the plant’s greenhouse gas emissions and cut energy costs by 4% annually due to lower natural gas and water consumption.

Canvass AI feature charts enable users to explain models and decide if it is ready to deploy by comparing individual features to model outputs.

Error distribution charts allow users to evaluate models with ease by comparing error range and distribution.

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