What Is the Internet of Things?

The Internet of Things (IoT) refers to the network of physical assets equipped with technology that enables an exchange of data with other devices and systems via the internet. These assets range from home appliances to complex industrial equipment.

Internet of Things in the Industrial Setting

Application of IoT specifics to the industrial space is referred to as the Industrial Internet of Things (IIoT). Industrial, asset-intensive industries are currently turning to IIoT as a key element of their digital transformation evolution. With this transformation, organizations are hoping to make better decisions, faster.

With IIoT, asset-intensive organizations are seeking to reduce operating costs, while maintaining or improving their uptime. Because IIot provides a steady flow of data, organizations are able to harness this insight to understand how and why failures are happening and identify potential warning signs of asset failure earlier. This early detection insight allows for better planning and mitigation of downtime and its associated costs.

How to Maximize Your IoT Investment

IoT is an important step in achieving the next evolution of reliability. However, many IoT investments are costly and require significant capital expenditure due to the set-up and installation of new sensors and instruments.

For this reason, many IoT implementations are slow to progress and the benefits of this approach are commonly not realized fast enough. While the cost of digital sensors and instrumentation is dropping, and will continue to drop overtime, the real need today is a way to prioritize what sensors and data matter most.

This need can be met today through Quantitative Reliability Optimization (QRO). QRO is an approach to reliability modeling which connects every reliability data point to a measurable facility impact. Through this approach, facilities can prioritize the collection of every single data point allowing them to:

  • Understand the economic value of every inspection or maintenance activity performed.
  • Understand the economic value of every sensor or instrument that is currently gathering data or could be gathered in the future.
  • Understand the implications of moving a turnaround or changing a feedstock.
  • Drive effective economic decisions in the event of reliability based operating excursions.

 

To learn more about QRO, click here.

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