The Internet of Things (IoT) is beginning to drive value across the entire manufacturing supply chain for early adopters, according to Patrick Hughes with Verizon’s Connected Solutions team. Hughes recently participated in an Industry Week webinar — “Integrating the Manufacturing Value Chain: Supply and Demand Integration Via the Internet of Things” — and shared several key insights from Verizon’s experience working with a broad range of manufacturers.
Conditioned-based Maintenance (or CBM) is creating significant value for manufacturers. Servicing equipment only when needed is increasing operational efficiencies by monitoring, operating and managing remote assets; improving the customer experience by accelerating decision-making, contributing to greater equipment uptime and availability, improving response times and reducing the number of service visits; and, creating new revenue streams for Smart services by reaching new customers in new markets.
Low costs are removing barriers to entry for smaller companies to reap the benefits of IoT. Reasonable pricing for both devices and connectivity are creating opportunities for manufacturers of all sizes rather than limiting access to only the large and well-funded players as is often the case with advanced technologies.
Demonstrating IoT value to clients is fundamental for building strong relationships. Hughes notes that the value customers realize from Smart services is not always apparent. It is incumbent upon the service provider to communicate value by providing weekly or monthly reports that show high levels of uptime against industry benchmarks or the client’s.
The Cloud offers a powerful platform for moving from data collection to application. The voluminous amount of data that is being collected from sensors and machines for analysis — and ultimately application — must be stored efficiently and securely, which is where a robust cloud platform plays an essential role. Cloud-based asset and performance dashboards also offer flexibility and multi-stakeholder views.
It’s all for naught unless it’s secure. The many benefits of IoT will be undercut if an organization’s ecosystem becomes compromised. It is essential for manufacturers to include end-to-end security measures across every device, gateway and platform.
Hughes adds that Verizon is focused on making the process of connecting assets “quicker and simpler” for the company’s manufacturing clients in an effort to drive even greater value.
Verizon brings the powerful combination of cloud, mobility and security along with deep industry expertise to manufacturers around the world. Visit Verizon Enterprise Solutions’ Manufacturing industry site to learn more.