More and more original equipment manufacturers (OEMs) are exploring the benefits of utilizing the IoT remote monitoring solution realm. They aim to improve their operations, provide customer experiences, and stimulate business growth. Thanks to the increasing number of devices and advancements in cloud platforms, data analytics, and machine learning OEMs now have possibilities for revolutionizing their products, services, and overall business strategies.
The Promise of IoT for OEMs
The IoT remote monitoring solution refers to the interconnectivity of internet-enabled physical objects and devices that can collect and exchange data. In the industrial context, IOT entails connecting equipment, machinery, and assets to cloud platforms to enable remote monitoring, data gathering, and analysis.
For OEMs, integrating remote equipment monitoring capabilities in their products and leveraging IOT software solutions offers game-changing potential:
Enhanced Equipment Performance
By embedding sensors and connectivity in equipment, OEMs can continuously monitor equipment health and diagnostics. This allows for preventive maintenance, early failure detection, and predictive analytics – minimizing downtime and maximizing uptime.
Higher Customer Satisfaction
IoT monitoring provides transparency into equipment usage and performance. OEMs can leverage this data to offer customized recommendations, usage insights, and added-value services to customers – enhancing satisfaction.
New Revenue Sources
Monetizing IOT data through value-added services provides OEMs with opportunities for incremental revenues. Usage-based billing, performance-based billing, and subscription models have become possible.
Analyzing real-time and historical IOT data gives OEMs visibility into bottlenecks, inefficiencies, and issues. This allows for data-driven optimization of supply chain, manufacturing, and service operations.
IoT monitoring capabilities integrated into products can give OEMs a competitive edge. They can market improved performance, serviceability, and longevity of their IOT-enabled equipment.
Critical Capabilities of IOT Remote Monitoring Solutions
To fully harness the potential of IOT, OEMs need to evaluate remote equipment monitoring that possesses certain critical capabilities:
Easy Equipment Integration
The solution should easily integrate with industrial equipment through the support of various communication protocols like Modbus, CANbus, ODBC, OPC, REST, etc. Plug-and-play accelerators help with the quick onboarding of equipment.
Edge computing capabilities allow real-time processing and analysis of equipment data at the edge itself – supporting time-sensitive applications.
Scalable Cloud Infrastructure
The solution should offer cloud-based infrastructure that is easily scalable to support massive amounts of equipment data from widely distributed assets and locations.
Advanced Analytics & AI
Powerful analytics capabilities, including machine learning algorithms that can analyze equipment data to provide actionable insights.
Interactive web dashboards that provide asset health monitoring, notifications, analytics visualization, reporting and machine learning model results.
Open and well-documented APIs that allow easy integration with other software systems like ERP, MES, SCM, etc.
Robust Data Security
End-to-end data security across devices, transmission and cloud, along with granular access controls and role-based permissions.
Flexible Deployment Models
Choice of public cloud, private cloud or hybrid deployments to allow alignment with OEM IT architecture and policies.
Key Use Cases of IOT Monitoring for OEMs
Let us look at some key use cases where OEMs can apply remote equipment monitoring systems to transform their business:
Remote Diagnostics and Predictive Maintenance
Real-time remote equipment monitoring provides diagnostics data to predict potential failures, assess remaining useful life, and schedule preventive maintenance. Catching issues early improves asset uptime and avoids catastrophic failures.
Usage-based Product Optimization
Insights into remote equipment monitoring system usage enable OEMs to optimize product design and performance to match customer needs better.
Data can reveal insights like early performance issues, usage beyond rated capacity, and improper maintenance by customers. This allows OEMs to improve warranty terms, pricing, and serviceability.
Supply Chain Optimization
Visibility into global equipment populations and usage patterns allows for optimizing spare parts inventory, distribution, and supply planning.
Improved Field Service Operations
Remote equipment monitoring system aligns service dispatch with actual asset conditions. First-time fix rates improve, and emergency service calls are reduced. Service history data aids technician troubleshooting and maintenance planning.
Enhanced Customer Support
IoT monitoring enables a transition from reactive break-fix support to preventive servicing and predictive maintenance – improving customer satisfaction. Usage notifications and alerts provide customers with better asset performance and utilization.
Advantages of Leveraging External IOT Platform Providers
While OEMs can build their own IOT infrastructure, there are significant advantages in leveraging an external IOT software platform provider:
- Faster time-to-market: External provider enables accelerated IOT solution deployment without OEM having to build capabilities in-house.
- Reduced risks: The reliability, scalability, and security of the solution have already been proven.
- Improved agility: Solutions are continuously upgraded, and the provider adds new features without additional OEM effort.
- Usage-based model: OPEX-based usage pricing allows predictable spending aligned to value.
- End-to-end capabilities: External providers offer complete solutions spanning devices, connectivity, cloud, analytics, and applications.
- Interoperability: Platforms support integration with diverse equipment types and provide data connectivity to various IT systems.
Realizing the Full Value of IOT Investments
To maximize the return on investment from IOT platform adoption, OEMs should focus on these aspects:
- Start with a pilot project that allows demonstrating IOT value at minimum risk before large-scale implementation.
- Determine KPIs aligned to business goals and quantify realized benefits through measured analytics.
- Engage field teams early and leverage user feedback to improve the solution continuously.
- Ensure smooth integration between the IOT platform and core enterprise systems like ERP, MES, and CRM.
- Make collected data easily accessible throughout the organization to maximize analytics and insights.
- Build internal capabilities and platform expertise to reduce reliance on external vendors.
- Maintain platform flexibility to accommodate future innovations in sensors, algorithms, connectivity, and applications.
The Future with IoT
IoT remote monitoring solutions offer OEMs immense potential to enhance products, transform decision-making, improve customer service, and unlock new revenue opportunities. With their real-time equipment insights and predictive intelligence capabilities, IOT platforms will be pivotal to unlocking efficiency, reliability, and innovation across industrial organizations.
However, OEMs need to choose solutions suited to their specific needs while addressing common technology and implementation challenges. By adopting a strategic approach, OEMs can stay ahead in leveraging the IOT revolution to deliver business value and growth.