Some of the key deliverables of Industrial Internet of Things with Big Data and Asset Analytics are:
#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 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:
1. Mean Time Between Failures
3. Planned vs Unplanned Maintenance
5. Mean Time to Repair
6. Asset Performance Analytics
7. 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 cyber security risk. Connected assets are no different, when considering 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.