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Get down to business with the IIoT
Still unsure where to start with digitalization? It seems you’re not the only one.
While today’s out of the box technology solutions make it cheaper, easier, and quicker than ever to digitalize operations, research from McKinsey & Company shows a different reality for customers. On the one hand the cost of sensors is falling, which means there is more and more data available. But on the other hand, companies across industry are using less than 1% of data.
So the question for us at Schneider Electric is, how to help customers access the other 99%, and use it to improve business performance? We recommend taking a business first approach.
IIoT brings a new way of doing business and new areas of risk
LNS research gives us a few clues about what might be holding some companies back. IIoT presents new ways of doing things, which require new approaches to safety and risk management. In a recent IHS Markit Survey (Nov 2018) a little more than 10% of respondents say they have completed IoT Proof of Concept projects and actually seen positive results.
That’s a daunting figure, especially if you have shareholders to keep happy. But digitalization is here to stay, and the benefits for business are too good to miss out on. With the right architecture for your financial goals, IIoT technologies such as sensor-equipped smart devices, cloud computing, mobile apps, and Big Data analytics, can address key challenges impacting efficiency and productivity.
Navigating your digital journey
By choosing solutions that target specific business enablers, you can achieve substantial gains in that part of your business. For example:
- With solutions that enable Workforce Empowerment, Smart Operations and Real Time Profitability, you can see real results in Efficiency and Profitability.
- By choosing solutions focused on Asset Performance, Smart Design and Engineering, and Investment Continuity, you can make significant progress in Reliability and Performance.
- For more profitable Safety and Security, we recommend solutions that enable Cybersecurity, Safety, and Regulatory Compliance.
- Solutions for Energy Efficiency, Environmental Sustainability, and Business Transformation will help you excel in the areas of Sustainability and Transformation.
Look at your digitization journey through a business lens first, rather than starting with the technology and then working back to the business outcomes. This makes it easier to find a starting point and reduces risk. It answers those basic fundamental questions, ‘Where do I put my money first and how do I get the most out of my investment?’. It’s all about going for the low hanging fruit first, those quick wins which ensure greater financial reward for you and your investors.
These business enablers are relevant for plants across all industries, from water and wastewater, to mining, minerals and metals, and consumer packaged goods. Each one is supported by a range of complete, pre-developed solutions, based on our EcoStruxure Plant architecture, which helps plan your digital journey and improve your chances of success.
In my next blog we’ll take a closer look at the Asset Performance business enabler and how you can get best return from your largest industrial investment.
