Asset Intensive Industries – Leveraging IIoT

Posted under Blog by Rishi Bhojwani, Business Development Manager

IoT is quickly taking over the world.  From your washing machine to your car, IoT is popping up everywhere. Business executives are eager to exploit the advantages of IoT for their organizations. The question remains: How are companies leveraging IIoT in Asset Management?

Asset-intensive industries are currently faced with numerous ongoing challenges including: volatile commodity prices, competition due to globalization and the need to maintain the highest environmental, health and safety standards. To meet these challenges, companies must jump into the Digital Transformation Evolution. As asset-intensive industries move further into the realm of Digital Transformation, the key to success will be to invest in the right technology at the right time.

The key technology in Digital Transformation is the Industrial Internet of Things (IIoT).

Industrial Internet of Things (IIoT)

The Industrial Internet of Things (IIoT) is a manifestation of the IoT specifically focused on manufacturing, maintenance and asset management. It is a series of connected items such as equipment sensors, control systems, smart technologies, mobile devices, and software solutions, all used to optimize decision making. The growing availability of connected devices and sensors that can be integrated with any asset has enabled the IIoT revolution. 

Leveraging IIoT – The Next Wave of Maintenance

In order to ensure optimum production and asset uptime, companies have resorted to Reactive Maintenance practices. In other words, historically, companies have been running assets to failure. This creates high levels of stress for the maintenance teams and often results in stalled business operations until the repair is completed. Traditional Preventative Maintenance addresses equipment failure according to fixed maintenance schedules. The result however is a costly and labor-intensive exercise and does not guarantee that failure to the asset will not occur.

IIoT helps industries adopt a predictive maintenance approach and allows the maintenance team to understand how and why asset failures occur. When the maintenance team can identify warning signs of potential failures and know what failures are likely to occur and when, real-time maintenance adjustments and repairs can be performed on the assets before they fail or breakdown.  If asset failure can be predicted well in advance, maintenance and repair work can be scheduled at convenient times, allowing the asset to operate without unexpected downtime.

Benefits of IIoT

  • Increase Asset UptimeIIoT provides the company with a method to exploit the constant flow of sensor data to predict when an asset is going to fail or need repair. Armed with this information, companies can further prevent asset breakdowns and ultimately increase in asset uptime.
  • Lowering Maintenance CostsIIoT takes predictive maintenance to a new level. When you know the common reason an asset will fail, and you have the sensors to monitor the asset, it becomes easy to prevent failure. IIoT gives maintenance teams a better way to minimize unplanned equipment downtime which reduces maintenance costs significantly and at the same time improves reliability and extends the asset’s life.

Asset-intensive organizations will also benefit from IIoT with improved HSE and regulatory compliances.

What does IIoT mean for your organization?

Asset-intensive industries can find physical dollar value savings from IIoT. However, this will only be possible when IIoT seamlessly interacts with your organizations CMMS, Data Historian, as well as other solutions like your scheduling / planning and analytics solutions.

IIoT needs to integrate with robust solutions that allow you to turn the collected data into actionable data that is sent directly to your maintenance teams. Solutions that provide you with real-time insight into the health of your assets by connecting your Data Historian and your CMMS, thus closing the data loop, open new opportunities for data analysis on work orders, system downtime, and overall maintenance practices.

IIoT will become fundamental in improving asset reliability, driving down maintenance costs, and most importantly, preventing major asset failure, which can save millions of dollars in repair work and lost production time. The potential for profit dollars saved is reason enough to move towards IIoT.

Now is the time for asset-intensive industries to embrace the digital transformation by leveraging IIoT!

Interested in learning more about how IIoT impacts Asset Maintenance? Read our Whitepaper: The Industrial Internet of Things – What it Means in the Context of Asset Maintenance

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