IIoT projects are change agents. They help create new digital ecosystems and value chains. Participation in these value chains can be the difference between success and failure. How will IIoT drive more sales? This question stalls many industrial IoT projects.How will IIoT create more shareholder value? Now that is a much better question. Successful IIoT projects are customer and engagement focused, creating value through digital transformation. Well-managed IIoT projects can help transform customer, employee and partner engagements. To accomplish this, provide a clear IIoT plan that includes relationship, retention, and revenue value creation.
Good cybersecurity hygiene is a requirement in our digital connected world. Threats are growing daily - from new IoT devices to employee and business partner exposures. While it's clear that cybersecurity needs to be more mainstream, many executives just don't know where to start. Begin with your business goals and objectives.
Ensuring that the data is accessible and shareable among all members of the service value chain can be challenging. IoT offers enormous efficiency benefits. However, companies are only going to be able to truly realize those benefits if they are able to take the information those sensors provide and use it to improve their asset management and maintenance processes.
Combining sensor data with SRM can pertain to any commercial, industrial or manufacturing asset. Organizations with these assets can take a cue from transportation companies, which have begun successfully turning their big data into deep and highly actionable data, which allows them to keep their operations running efficiently.
As the Industrial Internet of Things steps out of the shadows and sheds the chains that have kept data from being holistically actionable, we are seeing the beginning of a new commercial asset-management paradigm.
IIoT is truly ubiquitous. It impacts everything from factories to construction equipment to the plants in our office. It turns out the commercial landscaping maintenance management market is a big business. Some might ask, why all this greenery? Studies show interior office plants contribute to employee productivity and satisfaction, not to mention the fact that greenery can increase commercial property value up to 15%. Green walls and roofs, commercial landscapes, and interior plantscapes are like other commercial assets in that they need regular maintenance.
There is lots of excitement about analytics and machine learning. The improvements in analytics, AI, and machine learning are amazing, but they provide you with numbers, not answers if they don’t solve business problems. It’s moving through its hype-cycle but still faces many challenges. Don’t get too excited about deploying an analytics solution. Make sure you know what business problems you want to solve. And make sure the solution helps you solve them. Real-Time analytics provides value at the point of activity within your current workflow or process.
IIoT project failures are rampant. For many, failures are a direct result of poor information sharing and inefficient collaboration. Frustration builds with customer and partners. Leading to cost increases, limited adoption, and reduced potential ROI. The promise of IIoT requires frictionless (but secure) ecosystem access to information. When information flows within digital ecosystems, each business entity wins. The new digital world is complex. It challenges many long held beliefs about competitors, data sharing, and value propositions. Your new digital relationships will be different than prior relationships. Be open and transparent. Engage your customers and partners, and everybody wins.
Success requires a direct link between analytics and positive process outcomes. This requires a closed-loop process. One that enhances application intelligence based on analytic insights. This is what I call Prescriptive Applications. Prescriptive Applications integrate analytics to dynamically change application content, access, and workflow. If something broke, fix it. But be aware that the process can be a complex journey. Prescriptive Applications enable a closed loop process to optimize outcomes based on integrated insights from analytics-descriptive, diagnostic, predictive, and prescriptive. So, Prescriptive Applications provide a complete solution. While IIoT faces many challenges, could Prescriptive Applications be a key missing piece?
What is prescriptive analytics? Prescriptive analytics is the area of business analytics dedicated to finding the best course of action for a given situation. Based on prior experiences, prescriptive analytics enables quality improvement, service enhancements, cost reduction, and productivity increase. Whatever you call it. Predictive analytics leaves a huge gap between “knowing” and “doing”. Prescriptive analytics goes beyond knowing. Prescriptive analytics provides recommended actions based on prior outcomes. A recommended course of action to achieve a specific outcome. Prescriptive analytics provide specific recommendations based on prior experiences and outcomes.