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How IIoT enables an as-a-service business model

How IIoT enables an as-a-service business model
Needless to say, the Industrial Internet of Things (IIoT) or Industry 4.0 brings various benefits to manufacturers who can leverage connected devices and the data they generate to increase efficiency. What’s more, IIoT can enable an as-a-service business model that helps drive revenue for solution providers.
That was according to relayr, which delivers various IIoT solutions. “Our main point of differentiation is our end-to-end IIoT platform that includes data management, middleware, data analytics, sensor/gateway-level device management and integration with third-party IT systems,” said Guneet Bedi, GM for Americas and VP of Sales at relayr.
IIoT has become a major topic among manufacturers now, who can have various issues solved with connected devices as well as the data they generate. “While terms like Industry 4.0 and smart manufacturing are starting to make their way into the mainstream, the reality is the manufacturing industry is the least digitally advanced industry today but is also the industry that could benefit the most from IIoT,” Bedi said. “That’s where relayr steps in, providing scalable, secure and end-to-end IoT solutions. Companies can then take advantage of technology to improve processes, find efficiencies, reduce waste and ultimately save time and money.”
According to Bedi, one of the company’s core value propositions is their focus on shifting industrial companies from CAPEX to OPEX-based revenue models where solution providers, some of which offer complex processing or treatment operations, can deliver their offerings as a service to their end customers and get a recurring revenue. And IIoT plays a key role in this, Bedi said.
“An example of this shift from CAPEX to OPEX-based revenue models is relayr’s work with Aluvation, an aluminum heat treatment company. Through an innovative ‘heat treatment as a service’ model, relayr’s IIoT platform-connected heat treatment microfactories from Aluvation now take a few days to install – versus six to 12 months of installation time for heat treatment production lines – and start producing hardened components in a pay-as-you-go business model,” he said. “With this visionary product, not only is Aluvation disrupting the aluminum production industry, relayr is revolutionizing how industrial devices are managed and monetized.”

Target customers

According to Bedi, relayr’s target customers are diverse and wide-ranging, including manufacturers for whom production lines can be made more effective. For companies that service industrial assets, for example elevator service operators, relayr solutions can determine ways to help them service assets more effectively, produce contracts to guarantee quality while being cost effective, and predict maintenance issues before they happen. For companies that operate and maintain industrial assets, Relayr’s IIoT solutions ensure health and condition of the machine, determine when a machine is likely to fail and find the right time to swap the machines.
“The company’s solutions are also ideal for companies in heavy transportation, for cities that want to apply IIoT to their infrastructure, packaging, food and beverage production, rotating equipment, industrial appliances, chemical/process, and trains/locomotives,” Bedi said.
Relayr’s IIoT solutions also employ artificial intelligence to detect and make sense of data with minimal human supervision. “We use AI in various aspects of our business, including relayr’s data value accelerator, which utilizes the latest artificial intelligence (AI) technology to analyze and uncover the hidden patterns and insights buried in the continual flow of our clients’ crude data, providing access to optimizing potential, business cases and new revenue streams,” Bedi said. “Our expert data scientists drive the analytics process from crude machinery sensor to valuable insights, by ensuring the data structure is AI-ready and setting up the simulations, learning algorithm and company-specific data points. Our data value accelerator solution will deliver an analysis report on your machinery sensor data, detailing key anomaly detection, predictions and parameter optimization insights uncovered and suggested business case supported by those insights.”

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