Research study shows companies' IoT usage is growing

IFS released a research study that reveals substantial year-over-year gains in Internet of Things (IoT) usage in industrial companies with a 30% percent increase in asset performance management and a 10% increase in monitoring customers' equipment.

11/07/2018


Some measures of Industrial Internet of Things (IIoT) sophistication are up by double digits in just one year according to a study from IFS. Courtesy: IFSIFS released a research study of 200 North American executives that reveals substantial year-over-year gains in Internet of Things (IoT) usage in industrial companies.

Executives at respondent companies, ranging from manufacturers to trade contractors to oil & gas companies, are collecting more data from connected devices, integrating it with other systems in new ways, and making IoT data more central to their businesses. The study's findings include:

  • Companies collecting IoT data on entire work cells or production lines rather than individual machine components or individual machines has increased by 17%. This enables more advanced use cases, which helps explain a 30% increase in use of IoT to support asset performance management.
  • Respondents using IoT to monitor their customers' equipment saw a 10% increase, potentially signaling transformational approaches to field service management.
  • Despite these advances, the percentage of respondents who have integrated IoT data streams with their enterprise resource planning (ERP) software hovers at 16%. This reluctance may represent a barrier to leveraging IoT to deliver net new business models or revenue opportunities.

"Enterprise IoT integration allows you to take incoming data from connected devices and use it to create business events in ERP," IFS chief product officer Christian Pedersen said. "The software can either present that data to humans or act on it as it comes in. Think of the potential for IoT constantly streaming into ERP through the business logic, where artificial intelligence (AI) applications constantly learn and apply that learning by creating new business logic. That is when AI will see the real breakthrough-and when ERP systems will dramatically transform, changing the way we think about them.

"Antony Bourne, president, IFS industries, added, "IoT is a big disruptor. But if industrial companies do not embrace digital transformation, chances are that their business will be the one that's disrupted by more agile competitors. IoT helps companies transform their businesses, making them more efficient, enabling them to explore new revenue sources and fundamentally changing business processes. One key constraint is the lack of skilled resources with the ability to deploy transformation technologies. Experienced partners both in enterprise software and technology platforms can help overcome these constraints and identify a proven way forward."

IFS

www.ifsworld.com 

- Edited from an IFS press release by CFE Media. See more Control Engineering IIoT and Industrie 4.0 stories.



Top Plant
The Top Plant program honors outstanding manufacturing facilities in North America.
Product of the Year
The Product of the Year program recognizes products newly released in the manufacturing industries.
System Integrator of the Year
Each year, a panel of Control Engineering and Plant Engineering editors and industry expert judges select the System Integrator of the Year Award winners in three categories.
November 2018
2018 Product of the Year finalists, mild steel welding: finding the right filler, and new technique joins aluminum to steel.
October 2018
Tools vs. sensors, functional safety, compressor rental, an operational network of maintenance and safety
September 2018
2018 Engineering Leaders under 40, Women in Engineering, Six ways to reduce waste in manufacturing, and Four robot implementation challenges.
October 2018
2018 Product of the Year; Subsurface data methodologies; Digital twins; Well lifecycle data
August 2018
SCADA standardization, capital expenditures, data-driven drilling and execution
June 2018
Machine learning, produced water benefits, programming cavity pumps
Summer 2018
Microgrids and universities, Steam traps and energy efficiency, Finding help with energy projects
October 2018
Complex upgrades for system integrators; Process control safety and compliance
November 2018
Analytics quantify processes, Fieldbus networking and IIoT, Choosing the right accelerometer

Annual Salary Survey

After two years of economic concerns, manufacturing leaders once again have homed in on the single biggest issue facing their operations:

It's the workers—or more specifically, the lack of workers.

The 2017 Plant Engineering Salary Survey looks at not just what plant managers make, but what they think. As they look across their plants today, plant managers say they don’t have the operational depth to take on the new technologies and new challenges of global manufacturing.

Read more: 2017 Salary Survey

The Maintenance and Reliability Coach's blog
Maintenance and reliability tips and best practices from the maintenance and reliability coaches at Allied Reliability Group.
One Voice for Manufacturing
The One Voice for Manufacturing blog reports on federal public policy issues impacting the manufacturing sector. One Voice is a joint effort by the National Tooling and Machining...
The Maintenance and Reliability Professionals Blog
The Society for Maintenance and Reliability Professionals an organization devoted...
Machine Safety
Join this ongoing discussion of machine guarding topics, including solutions assessments, regulatory compliance, gap analysis...
Research Analyst Blog
IMS Research, recently acquired by IHS Inc., is a leading independent supplier of market research and consultancy to the global electronics industry.
Marshall on Maintenance
Maintenance is not optional in manufacturing. It’s a profit center, driving productivity and uptime while reducing overall repair costs.
Lachance on CMMS
The Lachance on CMMS blog is about current maintenance topics. Blogger Paul Lachance is president and chief technology officer for Smartware Group.
Material Handling
This digital report explains how everything from conveyors and robots to automatic picking systems and digital orders have evolved to keep pace with the speed of change in the supply chain.
Electrical Safety Update
This digital report explains how plant engineers need to take greater care when it comes to electrical safety incidents on the plant floor.
IIoT: Machines, Equipment, & Asset Management
Articles in this digital report highlight technologies that enable Industrial Internet of Things, IIoT-related products and strategies.
Randy Steele
Maintenance Manager; California Oils Corp.
Matthew J. Woo, PE, RCDD, LEED AP BD+C
Associate, Electrical Engineering; Wood Harbinger
Randy Oliver
Control Systems Engineer; Robert Bosch Corp.
Data Centers: Impacts of Climate and Cooling Technology
This course focuses on climate analysis, appropriateness of cooling system selection, and combining cooling systems.
Safety First: Arc Flash 101
This course will help identify and reveal electrical hazards and identify the solutions to implementing and maintaining a safe work environment.
Critical Power: Hospital Electrical Systems
This course explains how maintaining power and communication systems through emergency power-generation systems is critical.
Design of Safe and Reliable Hydraulic Systems for Subsea Applications
This eGuide explains how the operation of hydraulic systems for subsea applications requires the user to consider additional aspects because of the unique conditions that apply to the setting
click me