Building Your Business Case for IIOT
Living in a connected world is becoming more and more prevalent in our society. Each day there is an increasing number of connected items from our transportation systems to our homes to our work environment. In the IIoT there are smart factories, smart mines, and smart oil production. This ecosystem will produce lots of data that has the potential to improve productivity, health & safety and deliver other benefits. If you have not read the previous post on How Smart Data Powers Smart Manufacturing, I encourage you to do so. This blog will now discuss how to build a business case for implementing IIoT at your company.
1. Presenting your case to gain executive support
Issues in data accuracy occur in all functions of the business. Whether working in IT, or maintenance or even finance, everyone struggles with a small part of the bigger problem. Often these issues aren’t connected, and executive management may only see’s the problem without the cause. Those that deal with the data inaccuracies day in and day out experience a lot of frustration. To gain executive support for a data improvement initiative you need to present the value added, such as the 2.5% savings that are incurred on ongoing maintenance & operations or the added 25% on wrench time, the list goes on.
2. Make sure the Financial Benefits are clear
Look at it like this, when you hire a mechanic to fix your car, he hooks it up to a diagnostic system which helps to narrow in on the problem. Then he may have to do a search to find the replacement parts and finally order the part from the supplier. Hopefully, he comes to the right conclusion and orders the right part. Maybe the part is already in the shop, maybe it is not. What happens when the parts have been superseded or obsoleted? While you wait for the mechanic to fix your car, how do you get to work? Cost begins to add up. Now, look at it as a large asset in the production chain that generates thousands of dollars per minute.
Imagine if you had software to keep track of all that data, allowing the diagnostic systems to share component reliability data with the technology, suggesting the appropriate replacement parts, pull up manuals and interface with your warehouse and your suppliers. Productivity and uptime would increase; performance would be boosted leading to extended asset life. This needs to be clearly communicated to management so that the benefits of implementing IIoT are clear.
3. Avoiding Critical Failures
Throughout your organization, critical problems can go unrecognized possibly leading to a catastrophic result. Just one single issue not being addressed or pushing it for later can have a much greater impact down the road. If the assets were connected, constantly providing data for technicians, engineers, and your critical suppliers then they could monitor, detect and proactively address issues before they lead to failure. Use critical failures as a catalyst for implementing IIoT that everyone in your organization from workers to management can get behind.
How NRX AssetHub can help with IIOT
Digital transformation to IIoT requires more than adopting new technologies. It requires changes to people, processes and to information management. We help our customers plan where and how to implement IIoT and condition monitoring for maintenance and operations. Making the necessary changes needed to your asset and maintenance data to be implemented effectively. If you want to learn more about how we can help you build your business case for IIoT read more here or contact us to book a meeting!
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