Mike Nugent, Director, Hitachi Vantara, describes how enterprises can transform the terabytes of data they collect into genuine business opportunities.
Today, companies with geographically disparate and mobile assets are increasingly making use of Internet of Things (IoT) technology to track and manage their property. While more information can only be a good thing, many enterprises I engage with struggle to turn the wave of data they are receiving into business improving insight. Put simply, data is only useful to a business when it helps drive value.
Recognising this problem, Hitachi developed the Lumada IoT platform which helps companies to trawl through the masses of information they have, organise it and turn it into valuable insights.
The point is to address a business problem, rather than to create indecipherable data, taking cost out of maintenance, increasing the life of the asset, and reducing working capital costs by holding the right repair equipment at the right time and in the right place.
The benefits of analysing data in this way are not limited to one sector. From ultrasound machines in hospitals, to pumping stations in water systems, and transformers in electricity networks, any organisation which has a series of disparate assets can benefit from analysing the data they produce to maximise their performance.
Cutting cost in real-time analysis
A large, US-based logistics company has implemented these capabilities, with the help of Hitachi Vantara, and it has enabled them to prevent issues before they take place.
The solution means the company receives alerts about vehicles that are likely to need maintenance, reducing disruption caused by breakdowns.
For a UK-based fleet manager, having the ability to analyse data in real-time has put them on track to reduce their operation costs by 10-15%.
The solution Hitachi Vantara created has allowed the company to receive alerts about broken-down cars so that they can provide a replacement as quickly as possible, and reduce costs associated with inactive vehicles.
What is more, the platform can even look at where the cars are being driven and advise on taking less congested routes in order to optimise fuel efficiency. Individual cars can feed back to the driver, such as if they should break more gently, or accelerate more slowly in order to reduce their fuel consumption.
It’s this ongoing analysis of the intelligent assets which transforms the data into genuine business opportunities for cost savings and improved operations.
The potential impacts of analysing the data from connected assets is enormous.
Come to our Mobile Assets round table event on 17 March to find out more about how it could benefit your operations.
Mike Nugent is a business development director responsible for the manufacturing and asset management sectors at Hitachi Vantara.
A solution engineer, Mike specialises in developing digital strategies and solutions with clients to deliver improved business outcomes for clients such as increased asset utilisation, improved operational uptime, lower maintenance costs, improved quality and the delivery of a single version of the truth through data presentation and visualisation.
With over 25 years in industry, a range of technology and consulting roles, as well as his own IoT business, Mike is passionate about delivering operational efficiency and effectiveness through the right combinations of people, process, technology and data.