Tom Willie, CEO of Blue Pillar Inc., spoke at the NFMT Baltimore Conference back in March 2016 and discussed the facility of the future and how IoT technology is redefining facilities management and allowing managers to take control of their assets.
Tom Willie discussed the following objectives at his session focused around IoT and facilities of the future.
- How can industrial IoT technology platforms allow facilities to connect to assets regardless of make or model
- How facilities will benefit from IoT
- How to get started modernizing your critical and complex facilities
What is IoT?
IoT can be explained as the network of physical objects or things embedded with electronics, software, sensors, and network connectivity enabling these objects to collect and exchange data.
Essentially with modern industrial technology, a facility can make intelligent operating decisions because it can establish connectivity to all of its assets regardless of make, model, or location of those assets.
A fully connected wireless infrastructure allows for more sensors and data points which leads to a safer environment, cost savings, and increased monitoring and automation.
Four IIoT Benefits
The top four benefits of IIoT in facilities are as follows:
- Real-time data analysis
- Cost effectiveness
- Recommended repairs in assets
Real-time analysis allows workers to see issues with assets immediately instead of manually re-testing an asset several times to determine a diagnosis. This will save the company money through eliminating man hours and getting issues resolved quicker.
IoT will also determine the right course of action on how to repair assets and predict certain outcomes in the future. This visibility allows for less mishaps to occur.
What the future holds
IoT has the potential economic impact of $3.9 trillion to $11.1 trillion per year by 2025. Sensors/modules and connectivity account for more than 50% of spending on IoT followed by IT services and software.
That economic value will be derived from the revenues from IoT device installations and sales and savings from efficiency gains in city services, and it is reported that 36% of companies in North America had IoT initiatives in 2015.
With sensors getting cheaper, more and more physical objects are becoming part of a network of things changing the way we live and work. IoT is about connecting devices and acquiring data to create more visibility; visibility in the performance of a machine, where a company is losing energy, where potential savings could be found, and future recommendations on how to fix these issues.
Incorporating IoT in your Facility
Integration of systems will be the difference between hundreds and thousands saved within a company year over year. With the integration of IoT and preventative maintenance, you will be able to tell more quickly and accurately if one of your assets is faltering quicker than expected and determine what changes need to be made to avoid those problems from becoming disasters.
IoT will be fundamental in improving productivity and efficiency in maintenance by adjusting environment controls as well to increase cost savings.
Companies that have started using IoT initiatives, such as smart metering, have shown that energy monitoring technologies can help reduce energy consumption by 5-15%.
This is just one example of how incorporating IoT into one sector of your business can make a huge impact. Think about all areas of your business and how each can play a role in IoT now and the future.