Weekly Brief

Industrial Internet of Things Empowering Enterprise Asset Management

Utilities Tech Outlook | Friday, November 30, 2018

The investments in industrial internet of things (IIoT) framework are tremendously influencing the maintenance operations, asset efficiency, and annual investment plan of companies. Parallely, IIoT is leaning towards business practices such as enabling organizations to increase their efficiencies and productivity, reducing downtime, automating and making operations safer in manufacturing processes, and optimizing the maintenance of a company’s assets.

Organizations are implementing IIoT to track the entire manufacturing process using sensors. The railway industry is using IIoT to send emergency alerts to passenger’s mobile devices employing real-time data. But, the biggest opportunity for the rail industry utilizing the IIoT is enterprise asset management (EAM).

Similarly, the Denver Transit Operators (DTO) has a Supervisory Control And Data Acquisition (SCADA) system that detects faults across all the major train control-based systems. The SCADA system automatically informs the staff by sending automated asset failure alerts to their EAM system where work orders are generated.

These analogies are enough to justify that IIoT supports maintenance operations that reduce service interruptions through real-time detection and resolution of systems and infrastructure problems, prior to equipment failure. While rail industry has made a huge progress, there are verticals that have not yet adopted IIoT based solutions.

As per reports, by 2020, the IIoT industry will be worth $500 billion. The consumer market is still seeking the best ways to take advantage of IIoT, and with EAM, maintaining assets have become more relevant than ever.

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