The industrial internet of things (IIoT) already has a multitude of use cases across asset-intensive industries, with some industries faster out of the gate than others. Adoption of internet of things strategies in the utility industry has only scratched the surface. Inexpensive IoT technologies allow instrumentation of virtually any asset, whether fixed or mobile, and cutting-edge network architectures push computing power and intelligence down to these assets and aggregate their operational and production data back to the cloud.
Machine learning technologies use this growing data set to predict the probability of an asset-related event at any given time with greater statistical confidence. Advanced analytics leverage this IIoT data to improve capital expenditures and planning accuracy by extending a deployed asset’s useful life.
Sophisticated algorithms improve asset life by targeting maintenance for those assets that are at the highest risk of an unplanned event, rather than a scheduled maintenance interval or a manually assessed condition. More importantly, and perhaps with greater economic benefit, advanced analytics combine IIoT and external data to optimize field and maintenance operations, improving OpEx.
The pace of change is rapid, but fortunately, there’s a webinar with experts steeped in the domain where you can learn what’s new in IIoT for utilities. Join the webinar on April 28 at 9:00am ET. Register here.