The industrial Internet of Things (IIoT) is helping original equipment manufacturers (OEMs) and machine builders gain full transparency of their machines and operations, on a local and global scale. With this capability, these organizations are beginning to implement digital business models that create revenue and deliver new value to customers.
In this guide, we’ll help you understand and evaluate five new ways to monetize the industrial IoT as well as demonstrate the value they deliver.
Today’s consumers want guaranteed uptime and their machines maintained by someone who knows them well. With IIoT-enabled factory assets, OEMs can implement condition monitoring. Doing so allows them to develop key performance indicators (KPIs) to identify when factory assets are operating outside of normal conditions. These anomalies often indicate the need for maintenance or performance adjustments.