The arrival of Industry 4.0 and the introduction of the Industrial Internet of Things (IIoT) has influenced more than only the operations and production processes of the engineering sector. New approaches to business models have also been introduced.
Businesses are now able to create value-based business models that focus on more than the simple delivery of a product.
Real-time monitoring and holistic maintenance lead to optimised reliability, which allows for restructured pricing incorporating real-time monitoring.
Embracing New Business Models Through IIoT
Since the arrival of Industry 4.0 and the introduction of the Industrial Internet of Things (IIoT), operations have changed drastically in the engineering sector. With improved monitoring and streamlined processes, optimised production was inevitable. But over time, what has become clearer and clearer is that IIoT solutions are opening more doors outside of production, the primary being the possibility of new model business models.
With IIoT solutions and improved data analytics, suppliers no longer need to rely on offering simple service-based products but can start focusing on offering true value-added services.
A value-added service model isn’t just something that is implemented on a whim, though. Careful consideration and dedicated research and development are needed to identify customers’ needs and to put in place the necessary solutions to those needs. The immensity of implementing a value-added approach is the reason why IoT manufacturers and consultants, such as ADLINK and Cyntech, are assisting companies in adapting to a new way of doing business.
Through IIoT and edge computing technologies, businesses are offered in-depth real-time insight into their production lines. Manufacturers, on the other hand, also benefit from the new insights gathered during production. This increased insight not only helps them improve product design in the future but also allows them to adjust their service offering in relation to the real-time needs of their product users.
In the sphere of manufacturing products, reliability is of primary importance. That is why regular maintenance is often a default part of service agreements, to ensure that product malfunction and shutdown is avoided as far as possible. But even with the most stringent maintenance schedule, unforeseen breakdowns can occur. And when they do, entire production lines can come to a standstill.
With the latest developments in artificial intelligence (AI), sensor networks, and data analytics, that which was once unforeseen can become entirely foreseen through real-time equipment monitoring and failure prediction. The key is that each IIoT system has to be designed according to the specifics of each operation, from sensor nodes to cloud platform, tailoring each part of the system to unique operational requirements.
As part of this journey towards a value-added future, ADLINK launched its state-of-the-art remote monitoring solution specifically suited to manufacturing equipment (e.g. pumps and compressors). By incorporating compact ADLINK MCM-204 edge devices along with ARM processors and data acquisition (DAQ) modules, quick and powerful edge computing can be realised in record time at optimised deployment costs. Built on Microsoft’s Azure SaaS, the DataConnect Pro cloud platform puts the user in touch with a full range of functionalities on a complete one-stop remote monitoring solution.
From the moment of installation, IIoT and remote monitoring solutions offer manufacturers ample room to include new value-added services to their business model:
Beyond the improved maintenance of products, this also allows manufacturers to incorporate component inventories and maintenance scheduling more accurately, ensuring that production downtime is minimised.
The smartisation of equipment manufacturing is blazing the way into the future of the engineering supply industry. Soon, it will no longer be the product that suppliers offer that makes the difference, but rather the way in which value-added services can change a client’s manufacturing possibilities. So embrace the opportunities of Industry 4.0 and start realising the new potential of your business.
This is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your legal adviser for specific and detailed advice. Errors and omissions excepted. (E&OE)