IoT enabled infrastructure Management is the art of knowing the condition of your assets before you act on them. Knowing in such detail, that failure prediction and preventive action becomes a reliable and efficient infrastructure management strategy. This opposed to doing maintenance and replacement investments based on static decision rules like ‘we always rebuild after 30 years’. Or, waiting for a fatal breakdown to happen.
Knowledge-based Infrastructure Management requires frequent collection of data. It includes data collection of the infrastructure itself but also of the corresponding throughput it facilitates. And, of the external circumstances in which the infrastructure operates. In fact, the condition of the infrastructure and the way it changes or deteriorates over time must be compared with load, volume, and variability data over time. Also, external conditions like temperature, moisture, terrain conditions, etc. may affect failure risks and the rate of degradation.
Analysing breakdown events or loss of performance by looking at the corresponding data prior to the event, statistical decision support models can be built. It tells you with a high degree of accuracy when to do maintenance. And, it indicates when to replace infrastructure components in order to prevent critical events. In this way, you manage your operational risks at the lowest possible cost.
Thanks to recent advances in a number of IT technologies, like the development of industrial Internet-of-Things (IoT) devices, cloud computing, artificial intelligence, and machine learning, monitoring infrastructure with IoT enabled devices has become a highly cost-effective approach to collect and deliver data. It also builds decision support models for managing infrastructure businesses.
Read our White Paper to learn how you can build business value with IoT enabled monitoring.
Download the Business Value Calculator
Based on three key value drivers, lifetime extension, reduction in failure cost, and reduced number of inspections, we have created a simple Business Value Calculator in Excel. In a few steps, you have a ballpark assessment of what value remote infrastructure monitoring with IoT devices can bring to your business.