NEWS RELEASE June 2017
Interconnection of Knowledge and People Important for IIoT
There is consensus that the Industrial Internet of Things will bring major changes. The billions of dollars being spent to add and analyze sensors for all the valves, pumps, and processes will have a very high ROI.
Little attention is being paid to the importance of interconnecting knowledge and people. However, this Industrial Internet of Wisdom (IIoW) will create as much opportunity for suppliers of flow and treat equipment and services as IIoT. At one level the supplier of a valve increases revenue by adding a sensor to his product. The bigger potential is use of the generated information to design a better valve for the application or to offer an annual guaranteed maintenance contract.
When products are continually sensed and the information analyzed a mass of total cost of ownership data is being generated. This knowledge will require more wisdom to make the best use of it. As cloud-based systems provide data on all the components at all the plants, there will be more global sourcing and global total cost of ownership analyses.
Sales promotion to some extent will be obsolesced by hard information about the product generated by IIoT. Other internet developments will also contribute to a new marketing environment. The coming generation of decision makers is already accustomed to internet based decision making and electronic interconnection.
The availability of data about plants, projects, and people through the Internet will allow suppliers to conduct business with potential purchasers through web based meetings following a whole series of electronic interchanges.
The trend toward global sourcing combined with the growing size of the largest purchasers will result in decision making for most products by a few hundred or at most a few thousand people. Information about these people and access to them is provided by multiple routes including LinkedIn.
Access to these people is only the first step. With IIoT and IIoW the customer will be a much more sophisticated buyer and will be much more likely to buy based on lowest total cost of ownership than in the past.
The grand strategy is laid out in N031 Industrial IOT and Remote O&M.This continually updated service analyzes the markets and strategies for 15 different industries, for many processes within those industries, and for the flow and treat components and services. This strategic analysis is complimented by a number of specific reports with markets and strategies as listed in Markets.
The need for internet information on plants and projects is addressed in Databases.
The interconnection with people is facilitated by People. This compliments personal interconnection through LinkedIn.
The total cost of ownership evaluations is facilitated by Decisions.
This week McIlvaine is focusing on IIoT in the chemical industry. The top 20 chemical companies are identified. The IIoT programs, plants, projects and other relevant data for BASF, Dow and Covestro are also provided. You can register for this webinar at Weekly IIoT Webinars
McIlvaine also provides consulting and IIoT based marketing programs as explained in the