The development of new products and services that will be IoT ready at birth, will make it possible for industry to get a larger percentage of their product portfolio connected thereby gaining exponential impact from this scaled customer insight.
As both public and large private enterprise learn to work within these emerging smart, connected product frameworks, we’ll see new efficiencies in terms of material usage, and shipping and transportation needs. This will also enable a new relationship with the end consumers, promoting greater feedback and transparency, and allowing for unprecedented levels of customization.
A typical plant has thousands of instruments, components and machines with some degree of embedded intelligence which can be used for real-time OEE, performance and condition based monitoring. But this data is locked or rarely available to be leveraged for making any meaningful analysis at a corporate level.
For unlocking and exploiting this humongous data set, we need to have all the component, instruments, PLC or any SPM (Special purpose machines) to be IoT ready at birth.
The benefits of having them IoT ready at birth are as follows:
- Reliable real-time monitoring of your machines
- Real-time tracking of your assets on the shop floor
- Drive better forecasting of your spare parts and consumables demand by aggregating data directly from your products on the field
- Condition based monitoring for mission critical applications
- Improve plant efficiency by changing from reactive maintenance to proactive
- Installed base analysis leads to reduced maintenance cost and faster return on investment
- Reliable data storage – ability to handle network and power outage
Thus making products IoT ready will reap benefits not only for the OEM who supplies them, but also the system integrator who will look at product availability and end users who want to reduce process variations in their plant.
Research firm Gartner estimates that 26 billion IoT-Ready products will be in service by 2020. That’s an average of 3.3 devices for every man, woman and child on the planet. And that doesn’t include the projected 7.3 billion smartphones and tablets.