Caterpillar (CAT) - Get Report will offer subscription data services aimed at increasing building and mining project profitability by attaching sensors to 500,000 machines, the Wall Street Journal reports.
The construction machinery manufacturer's latest endeavor in telematics comes after the 2014 launch of the Cat Connect machine learning toolset.
Integrating machine performance data with specifics about the dirt, water and metal at a construction site allows Caterpillar machine owners to better understand how their equipment runs and when it needs fine tuning.
The company plans to negotiate price for the data services on a case by case basis.
Amid rising commodity prices and increased mining activity, Caterpillar reported in April its first quarterly revenue gain since 2015.
The company's stock traded slightly down pre-market at $104.35 per share.
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