Smart Factories FEATURE NEWS

Manufacturers Harness IoT to Transform Asset Management

By Ken Briodagh May 23, 2017

According to a recent announcement, Genpact, a global professional services firm focused on delivering digital transformation, reportedly has developed a new way for manufacturers to transform industrial asset performance management processes, reimagine business models, and create new revenue streams. The Industrial Internet Consortium (IIC) has approved the Asset Outage Management testbed, which is designed to use sophisticated digital technology, analytics, and process and data models that extract data from legacy systems and connected assets to predict maintenance issues.

“IIC testbeds accelerate development of new industrial applications and address the need for well-defined use cases and proven solutions to help companies better define an effective IIoT strategy,” said Richard Soley, executive director, IIC. “Genpact is an IIoT leader, and the testbed will speed innovation in industrial asset management and performance monitoring.”

A Genpact Research Institute study found that 81 percent of manufacturing leaders say Industrial Internet of Things (IIoT) technology is critical to their organizations' future success, but only one in four companies has a clear IIoT strategy.

As equipment manufacturers embrace IIoT strategies, their combination of hardware, software, and aftermarket services over the entire product lifecycle maximizes asset uptime, which drives new revenue streams and greater customer value through services that predict equipment performance outcomes. OEMs' traditional data sources often rely on reactive analytics mostly limited to reporting historical information that generate alerts only when one data point hits a set threshold.

The testbed uses sensors that monitor real-time data, and also maintains and retrieves information from legacy systems. Data collected will provide best practices on outage management and revenue prediction to help OEMs evaluate and better utilize historical maintenance datasets, and develop their algorithms faster. To help speed the pace of innovation, the testbed uses a bimodal transformation approach, which deploys two concurrent though autonomous work streams. One track provides more predictable day-to-day operational improvements and the other focuses on exploration and rapid experimentation.

“IIC's approval of the testbed recognizes Genpact's leadership role in using the Industrial Internet's power to transform business models,” said Patrick Cogny, SVP and business leader, Hi-tech, Manufacturing, and Services, Genpact. “We deliver 'machine to P&L' impact that drives competitive advantage for our clients. Our Lean Digital approach combines leading technology, like the latest artificial intelligence tools, with design thinking and our domain expertise of industrial processes. The testbed will identify best practices to help OEMs achieve better ROI from their IIoT initiatives through reduced maintenance costs, higher asset uptime, and new revenue streams.”

Edited by Alicia Young

Editorial Director

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