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The Industrial Internet of Things (IIoT) is an exciting and evolving set of ideas and technologies. But even experts admit it can be complicated and hard to pull apart. The challenge for chemical companies is knowing where to start and how to find value. We talked to Forrester Vice President and Principal Analyst Frank E. Gillett who shared his insights on how to untangle IIoT strategies.
Embedding computing in things allows manufacturers to create conversations between the digital and physical worlds in three major ways:
Most companies focus only on the cost saving benefits of using IIoT. But there are ways to create value, for example, for customers. When you have a complex operation like a chemical plant, you expend a lot of effort to get efficient while keeping high levels of safety and control. But what people lose sight of is that sometimes with improved insight and IoT, you can improve your process in a way that also has customer impact.
You can improve the speed with which you deliver your product. Chemical companies can also offer customers more options for their products or flexibility in production. Finally, it helps improve transparency with customers, so they know exactly the status of an order. That all has an impact on the top line, not just costs.
Industrial IoT isn’t just what’s under your nose, in one operational process or facility. After gaining more insights into operations and creating new value for customers, the next step is to layer in third party data. This allows a company, for example, to go upstream to suppliers to gather data about shipments and the supply chain or downstream to ask customers for data about how they use the products.
Like most process manufacturers, chemical companies are challenged with managing a multitude of expensive equipment. Equipment failure or unplanned downtime at any point can lead to diminished production, which results in expensive emergency repairs and in many cases, late or missed orders. This not only creates unrest amongst your customers, but potentially unsafe conditions.
So, how can you bring predictability to the manufacturing process?
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