Industrial Internet of Things (IIoT) and Asset Management

Asset Management / July 2016

Updated: May 2021, August 2021, January 2022

The Industrial Internet of Things (IIoT) is on the cusp of global adoption. To give you an idea of the growth, the number of sensors shipped globally grew by 600% in recent years.

A recent survey by Accenture and Microsoft of oil companies and those involved in the support industries found that 86% to 90% of respondents said that increasing their analytical, mobile and Internet of Things capabilities would increase the value of their business.

Industrial Internet of Things is about Connection and Communication between machines. Using sensors and the internet, machines can be connected with each other. Not only can the machines be connected but they can also transmit data about themselves—this paradigm shift makes it easier to monitor assets.

IIoT and Asset Management Software

Connected Assets provide the framework to enhance operations. Connected Assets not only offer the opportunity to monitor assets for safety, reliability and compliance but also offer the platform to manage our assets for enhanced utilisation and production.

For example, Rolls-Royce recently announced its TotalCare digital with Microsoft and Singapore Airlines. The capability will be incorporated into Rolls-Royce’s industry-leading TotalCare® services to significantly reduce cost, improve on-time performance and provide better value to their customers and the industry as a whole.

Recently Tom Palmer, SVP of Rolls Royce, said: “We have done much over the last twenty years to reduce costs and improve efficiency, but we want more. We must now exploit digital capability and big data technologies to proactively drive to an even higher level of operational performance.

Teams will take signals and information from many sources and turn it into an individual aircraft strategy that uses the least fuel, avoids disruption, and is serviced with minimum downtime.”

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4 Key Deliverables of Industrial Internet of Things With Big Data and Asset Analytics

  1. Take actionable decisions based on real-time data to enhance operational performance. You can make your operations customer-oriented rather than stock- or production-oriented

  2. Provide feedback to asset manufacturers on the design and operating conditions of your assets

  3. Get an accurate picture of inventory levels which can help warehouse and cash flow optimisation

  4. Demand management can be managed with better confidence

The data generated by connecting assets provides the framework to monitor, service and audit the connected assets. Some of the principal activities that can be recorded and reported automatically are:

  • Mean Time Between Failures
  • Uptime
  • Planned vs Unplanned Maintenance
  • Downtime
  • Mean Time to Repair
  • Asset Performance Analytics
  • Asset Condition Monitoring

One of the biggest benefits of big data is that you can plot trends for any element of your assets. For example, not only can you find out how your assets failed but also the top five reasons why your assets failed.

Whilst automatic monitoring of your assets is fundamental for proactive maintenance decisions, it also enables you to fine-tune your operations.

A majority of operational planning decisions are based on historic design principles which were based on built-for-stock situations. In the last ten years, real-time data has changed from built-to-stock to built-for-customer—the turnover times are different today.

For example, John Deere’s FarmSight connects equipment, owners, operators, dealers and agricultural consultants using their existing wireless technology. It aims to enhance productivity and increase business efficiency by sharing information as well as sustainable practices, to help reduce overall input and running costs and therefore improve profitability.

Monitoring connected assets on a real-time basis offers the opportunity to optimise your production schedule to enhance your profitability.

Cloud Architecture—connected assets produce a lot of data and hence you typically need a cloud architecture to support the data storage and analytics.

Security—anything connected to the internet escalates the cybersecurity risk. Connected assets are no different when considering the Industrial Internet of Things—security aspects of your architecture should be carefully evaluated.

Industrial Internet of Things along with efficient Asset Management Software offers the opportunity to significantly optimise industrial operations.

The companies that adopt IIoT earlier can lead their industry and realise early market benefits.