Asset monitoring solutions are driving Industry 4.0 revolution
Asset monitoring solutions in IIoT involves attaching or embedding IoT-enabled devices (i.e. sensors, RFID tags etc.) to machinery or other pieces of industrial equipment to make them “intelligent”.
These intelligent devices can then be connected to back-end systems, applications or cloud services via wireless connectivity in a mesh or star network. This makes it possible to continuously collect and analyze data generated to actively monitor pre-determined asset-specific information.
This enables users to continuously monitor conditions related to high value asset:
- Damage of breakdown
- Other environmental conditions
It provides asset monitoring solutions to users by allowing them to collect and analyze IoT data regarding pre-determined conditions.
Manufacturers can implement predictive maintenance based on equipment condition analysis and performance trends.
Predictive maintenance will help companies save $630 billion by 2025 by:
- Reducing unplanned equipment downtime, which can cost upto $260K per hour
- Cut the number of unnecessary maintenance tasks associated with a schedule – based process
- Minimise levels of wasteful production associated with sub-optimal operation
- Providing access to new, actionable insights uncovered using advanced IoT data analytics
30% of manufacturers have already implemented IoT technologies for predictive maintenance and analytics while another 30% are interested in joining this new chapter of modern manufacturing, The 4th Industrial Revolution.