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MarketScreener Homepage  >  Equities  >  Nyse  >  Honeywell International Inc.    HON

HONEYWELL INTERNATIONAL INC.

(HON)
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Honeywell International : Teams Up With Microsoft To Reshape The Industrial Workplace

10/23/2020 | 09:11am EST

Honeywell to leverage Microsoft Azure cloud platform and connect Microsoft Dynamics 365 to Honeywell Forge, enabling predictive maintenance applications with closed-loop maintenance workflows in the buildings industry.

Honeywell (NYSE: HON) and Microsoft (NASDAQ: MSFT) announced today that Honeywell will bring to market its domain-specific applications built on the Microsoft cloud platform to drive new levels of productivity for industrial clients.

With the integration of the AI-driven autonomous controls of the Honeywell Forge enterprise performance management software with Microsoft Dynamics 365 Field Service, customers will be able to access operating data that includes workflow management support to improve performance and energy efficiency within the enterprise environment. Workers in the field will benefit from real-time access to critical data that will help them prioritize, analyze and solve problems more quickly.

The first area of focus will be in automating maintenance for building owners and operators. To optimize their buildings' energy, performance and comfort, they often need to pull data from a variety of sources that are not normalized and inform remote and dispersed workforces. Facility managers must determine what problem to fix, when to fix it and who to assign to the job, which can be very difficult without having the necessary asset know-how and work order management capability.

'Honeywell's partnership with Microsoft will deliver new value to our customers as we help them solve business challenges by digitizing their operations,' said Que Dallara, president and CEO, Honeywell Connected Enterprise. 'Working with Microsoft, Honeywell will bring solutions at scale - powered by AI-driven insights and immediate access to data - that will help our customers work more efficiently than ever before.'

Honeywell Forge delivers cost savings, improved energy efficiency and a better occupant experience to customers. For example, at Crown Towers Perth in Australia, the Honeywell Forge Digitized Maintenance solution provided faster inputs on potential maintenance issues versus traditional annual maintenance schedules and helped reduce reactive work orders by 90%.

In the heating, ventilation and air conditioning (HVAC) operation alone - which is known to account for up to 60% of total energy consumption in commercial buildings* - an AI-automated account system such as Honeywell Forge Energy Optimization can save between 10% and 20% in energy costs.**

Dynamics 365 Field Service allows companies to remotely detect and address potential issues early to avoid unnecessary downtime or operational inefficiencies by analyzing IoT data and to improve proactive service offerings through AI-infused IoT alerts and work orders. Leveraging the global scale of Microsoft's cloud will enable Honeywell to quickly bring new offerings to market while helping customers meet regional security, privacy and compliance requirements.

'To achieve resilient operations and sustainable growth, businesses need to partner to fully unlock the opportunities of cloud, AI and IoT technologies. By integrating Honeywell and Microsoft services, companies turn IoT data into critical business insights and actions to optimize operations and deliver new customer value faster,' said Judson Althoff, executive vice president, Microsoft's Worldwide Commercial Business.

Working with Microsoft, Honeywell is already delivering the following Honeywell Forge SaaS solutions that will address what customers need now to return to work and, in the future, to operate safely and efficiently, including:

Digitized Maintenance - Offers a panoramic view of the performance of facilities and assets using near real-time analytics. This provides important information about critical equipment issues before they become big repair or even replacement problems.

Energy Optimization - A cloud-based, closed-loop, machine-learning solution that continuously studies a building's HVAC energy consumption patterns and automatically adjusts to optimal energy saving settings without compromising occupant comfort levels.

OT Cybersecurity - Honeywell Forge Cybersecurity provides continuous threat detection with minimal disruption of services. The robust software solution simplifies, strengthens and scales industrial cybersecurity operations across the enterprise.

The companies are also exploring more ways to bring innovation to customers by integrating Honeywell Forge solutions with Azure services such as Azure Digital Twins and Azure edge capabilities. Digital twins allow businesses to easily model and create digital representations of connected physical environments to deliver products that meet fast-changing market needs while saving operational costs. Using edge computing, customers can run AI, machine learning and business processes directly across plants, warehouses, machines and appliances for quicker actions without the need for a constant internet connection.

Learn more about the partnership on Honeywell.com.

*'How to achieve energy efficiency in commercial buildings: IoT-enabled solutions for smart HVAC.' https://www.waylay.io/blog/how-to-achieve-energy-efficiency-with-iot-enabled-solutions-for-hvacr-in-building-management/

**Based on findings from implementations of Honeywell Forge Energy Optimization at various customer sites over a 6+ month timeline. Depending on equipment type, typical customers achieved an average of 10-20% savings after 3 months of deploying Honeywell Forge Energy Optimization. Results may vary. Past performance is not indicative of future results and Honeywell does not guarantee associated energy savings.

About Microsoft:

Microsoft (Nasdaq 'MSFT' @microsoft) enables digital transformation for the era of an intelligent cloud and an intelligent edge. Its mission is to empower every person and every organization on the planet to achieve more.

About Honeywell:

Honeywell (www.honeywell.com) is a Fortune 100 technology company that delivers industry specific solutions that include aerospace products and services; control technologies for buildings and industry; and performance materials globally. Our technologies help aircraft, buildings, manufacturing plants, supply chains, and workers become more connected to make our world smarter, safer, and more sustainable. For more news and information on Honeywell, please visit www.honeywell.com/newsroom.

Nati Katz

(973) 615-1281

(C) 2020 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
HONEYWELL INTERNATIONAL INC. 0.83% 209.41 Delayed Quote.18.31%
MICROSOFT CORPORATION 0.64% 215.23 Delayed Quote.35.62%
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Financials (USD)
Sales 2020 32 148 M - -
Net income 2020 4 870 M - -
Net Debt 2020 6 272 M - -
P/E ratio 2020 30,6x
Yield 2020 1,71%
Capitalization 147 B 147 B -
EV / Sales 2020 4,77x
EV / Sales 2021 4,51x
Nbr of Employees 113 000
Free-Float 73,1%
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Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 190,00 $
Last Close Price 209,41 $
Spread / Highest target 7,92%
Spread / Average Target -9,27%
Spread / Lowest Target -33,1%
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NameTitle
Darius Adamczyk Chairman & Chief Executive Officer
Gregory P. Lewis Chief Financial Officer & Senior Vice President
Krishna Mikkilineni SVP-Engineering Operation & Information Technology
Suresh Venkatarayal Chief Technology Officer
Clive Richard Hollick Independent Director
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