The Internet of Things has created new possibilities for adjusting business strategies, based on sensors that generate real-time data. Even minor inefficiencies can potentially be overcome by IoT solutions. Taking this concept a step further, IoT companies can offer predictive maintenance, which is solving problems before they happen. Here’s a deeper look at how offering predictive maintenance can strengthen an IoT company’s profile and market:
Why Predictive Maintenance Matters
Predictive maintenance is a feature that gives an IoT firm an edge over the competition since it demonstrates concern for maximum business continuity. Instead of relying on costly field technicians to resolve technical problems after they occur, predictive maintenance uses 24/7 system monitoring to anticipate problems before they happen.
A cloud service such as Connected Field Services (CFS) that provides real-time monitoring for companies that transmit big data can alert technicians when issues arise, such as hardware or software glitches. Taking a proactive stance on preventing cyberattacks or other events that lead to downtime is extremely helpful to maintaining and improving business continuity. Using a service that includes predictive maintenance can give the company instant access to an appropriate software patch, eliminating the need to call a field technician.
MEDIVATORS Inc., a manufacturer of medical equipment, signed up with CFS and experienced a 78% increase in service events in which problems were diagnosed and solved without a field technician. The firm also saw quicker report filings by technicians following service events. Furthermore, speeding up the filing process reduces billing delays with customers.
How Executives Should Promote IoT
Despite the growing popularity of IoT solutions, traditional businesses have resisted exploring it, partly due to the anxiety of learning a new dimension to technology. Consequently, IoT needs to be promoted as a solution that simplifies, not complicates a business.
IoT allows clients to analyze their business with real-time data, providing evidence that justifies making quick decisions. If something is hurting productivity or growth, it needs to be corrected quickly. IoT can also tell businesses immediately if their operation is compliant with government regulations, the state of revenue generation, and how satisfied customers are. Ultimately, it can guide management toward better efficiency and productivity.
Business managers must decide for themselves how they can benefit from IoT and should approach it with caution so that they aren’t sidetracked by irrelevant data. The key to making an infrastructure more efficient is to use a centralized platform that has the capabilities to automate workflow and capture information that’s relevant to the business.
Moving to predictive maintenance is essentially enabling more reliable business continuity. Access to CFS or similar platforms allows a company to potentially offer 100% uptime guarantees for critical operations to its customers.
Author Bernard Marr, whose new book, Data Strategy, has debunked several myths surrounding artificial intelligence which may relieve new believers in the technology. The key is that AI is not going to destroy the job market, as it will mostly replace low-level employees. Managers need to get over the fear that IoT threatens to become smarter than humans.
Steps to Implement Predictive Maintenance
- Prioritize company assets
- Learn what type of data the company needs to improve its operations
- Research platforms that detect system faults and failures
- Use a platform that can analyze manufacturer recommendations for when parts need upgrading
- Find out how you can integrate historical maintenance logs into the platform
- Determine evaluation criteria within specific time frames for each asset
- Hire technicians with a genuine interest in learning IoT capabilities
Companies that offer IoT solutions should embrace predictive maintenance as a modern method for preventing disasters. Clients don’t need to experiment with all their assets at once. It’s better to ease into a predictive maintenance strategy by testing a few assets at a time. This process of gradually increasing the number of monitored assets can lead to clients enjoying a reduction in maintenance incidents and costs.