Data is one of the biggest challenges and biggest opportunities in the Internet of Things. It is also creating the most compelling business case for investing in IoT solutions.
A report by ABI research says “across the enterprise sector, the business case for Internet of Things (IoT) deployments is increasingly based on big data and analytics. Mere connectivity already allows valuable enhancements to products and processes, such as remote monitoring and service, but the stage where IoT truly becomes transformative to businesses is when it crosses over with analytic tools and modeling.”
At next week’s NIWeek 2016, the transformative business value of IoT data and analytics in an industrial environment will be highlighted with a demo by Flowserve, one of the world's largest manufacturers of pumps, valves, seals and components to the process industries. Many benefits and opportunities can be realized with IoT data and analytics. FlowServe’s demo will showcase one of the most compelling use cases— predictive maintenance to reduce unplanned downtime in critical assets.
Reducing downtime of critical assets and keeping manufacturing plants up and running is FlowServe’s mission. In manufacturing, unplanned downtime leads to billions of dollars lost each year. But with data coming from connected industrial assets, downtime can be minimized. With the combination of IoT analytics and machine learning these critical assets can unveil a comprehensive data story about a specific piece of equipment that provides more visibility into the combination of factors that lead to failures such as the operating environment. With this visibility and real time analytics plus machine learning, manufacturers can know when an asset is going to fail and how it is going to fail and can take preventative measures to avoid downtime.
Arc Advisory Group says “using IIoT and analytics for condition monitoring and predictive maintenance can help ensure high uptime for critical assets – particularly among those 82 percent of assets having a random failure pattern.”
For FlowServe, IoT data provides predictive analytics that keep critical assets, like pumps, up and running ensuring that their customers experience a decrease in unplanned downtime.
Unlocking the Value of IoT Data
Clearly, IoT data is valuable. With Gartner projecting that 50+ billion devices will be connected by 2020, the amount of IoT data will continue to grow and the need for analytics capabilities within IoT solutions will become critical. But there are challenges. IoT data is very different from traditional enterprise data and the typical approaches to analyzing data are not sufficient for analyzing the vast amounts of IoT data coming from connected assets.
In a recent webcast, “Capitalizing on Your IoT Data with ThingWorx Analytics,” Rob Patterson, vice president of strategy and marketing, ThingWorx, noted that current analytics tools weren’t built for the IoT, and that applying traditional analytics approaches won’t work due to the volume, velocity, and variety of IoT data. All of this unique data needs to be evaluated, correlated and translated into actionable intelligence.
To fully realize the value of IoT Data it is important to have an intelligent IoT solution with analytics capabilities designed for IoT data. IoT data comes fast and furious. Understanding the data and what is going on inside of your IoT ecosystem more quickly can help manufacturers not only avoid downtime and missed opportunities but identify additional ways to create value that can transform the bottom line.
IoT data not only makes a strong business case for investments in IoT but holds the key to unlocking the greatest value from any IoT solution. Harnessing its potential should be a top priority for manufacturers.
Register for free admission to the NIWeek Expo Hall and Keynote sessions to see:
- Flowserve’s Pump Demo in National Instrument’s keynote on Tuesday, August 2nd
- PTC’s Chief Technology Officer, Andy Timm, participating in a Keynote Panel on Analyzing Big Analog Data on Thursday, August 4th
- The Flowserve Pump Demo in NI’s IoT Pavilion
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