Is investing in the IIoT worth it?

The Industrial Internet of Things (IIoT) is revolutionising the service industry. Harnessing technologies, processes, physical objects, and services to create an interconnected system that monitors and shares information, there is little doubt that the IIoT is here, and being used by large multinationals.

But, for small to medium businesses, is investing in the IIoT worth it? And what can it actually deliver?

Save money with preventative maintenance (PPM)

Planned maintenance is complex and time-consuming. So, businesses of all sizes are seeking out PPM solutions that help them to manage this process more efficiently.

In the (not too distant) future, we predict that technology will be used to create machines that know when they need maintenance, that can automatically order the parts required to fix themselves, and which establish the best time to be taken offline. But for now, solutions already exist that can calculate when tools or equipment require repairs; so businesses can make fixes or replacements before a breakdown occurs. 

By delivering more accurate information and enabling more predictive maintenance SMEs can accurately predict how long they can last before doing anything; keep everything running for longer and save on replacement costs.

Use business intelligence to boost productivity

Businesses have long used business intelligence (BI) tools to discover what happened and why. And, with the industrial space becoming more and more complex – not least because of the potential of Big Data – the IIoT is helping service-led organisations to use BI to improve performance across their organisations.

Deliver a better service

IIoT enabled insights allow businesses to predict the cost risk and performance of equipment and assets. Indeed, with IIoT enabled tools, SMEs can proactively act on this information, react faster to faults, bring better products to the market, and improve customer service.

Integrate all your business software and applications  

With fully integrated, cloud-enabled service management software, you can control stock, manage materials, schedule engineers, control customer data, and manage hire contracts, all from one integrated system. And, by connecting machines and devices and analysing the data produced, businesses of all sizes can turn this information into actions that drive cost savings and service level improvements.

For example, with a total workforce and business management solution, you’ll be able to spot which engineers are the most productive, quote more accurately, look at the real profit and margin information of each client and identify new revenue-raising opportunities.

Is my company too small to see benefits?

In short, no. In fact, even if you have one machine, it is possible to generate actionable data that can be turned into ideas for continuous improvement and increased productivity. But, regardless of the size of your business, you don’t have to dive in head first. It is possible to create a quick win on a small scale and start in an area where you can create some immediate benefits. For example, you could start with engineer scheduling.

However, it does make sense to start, because, as IIoT adoption increases, those that have taken the plunge will only become more competitive. So, any service company that fails to adapt to our new manufacturing reality is unlikely to succeed in the long term.

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Deliver a better service to your customers – all for one affordable monthly payment. For more information on how our service management software can help you to work smarter, contact us today for an informal chat.