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The Industrial Internet of Things And what this means for your Asset Management Strategy
Austmine Limited
/ Categories: Press Releases

The Industrial Internet of Things And what this means for your Asset Management Strategy

The Industrial Internet of Things (IIoT), a concept barely out of its infancy, is already starting to transform the way companies worldwide conduct business. By adding automation and machine learning to traditional asset maintenance practices, IIoT is revolutionizing the way organizations are approaching their maintenance strategies.

Still, for many industrial maintenance professionals, the IIoT is more of a vision than a reality. They have heard or read about it, but have yet to see it in action. As more and more articles are released outlining the benefits of and costs savings resulting from IIoT solutions, this paradigm is quickly changing.

What is the IIoT?

In simple terms, the IIoT is about collecting data, doing analysis on the data, predicting events based on that data, and taking actions accordingly. It connects “things” such as equipment sensors, control systems, smart technologies, mobile devices, and software solutions to optimize decision making. It is grounded in the digitization and automation of industry and relies on machine-to-machine communication for data collection and advanced analytics supported by machine learning.

Connections between IIoT and Asset Maintenance

The maintenance function is heavily data-driven, with each decision weighing asset and work histories against current operating and environmental conditions. Historically, there has been a disconnect between maintenance and reliability systems, with work order information being held in one location and sensory data held in another. One side does not always have access to the other and vice versa. The IIoT brings them together.

Read the full White Paper here.

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