IoT is key to effective asset management – survey


Power and automation technology provider ABB conducted the survey with more than 200 utility executives, 58% of which were found to either have or are in the process of drafting a strategy using IoT for asset management.

A further 55% of respondents to the survey, prepared in conjunction with Microsoft and Zpryme, reported that the importance of asset management has increased over the past 12 months.

Utility executives also believe that IT-OT integration is a key component of any effective asset management strategy.

Commenting on the increased value of integrating IT and OT technology, Massimo Danieli, managing director of the Grid Automation business unit at ABB said: “Now more than ever, utilities see the need to bring together once disparate technologies and systems to better understand their increasingly complex asset base and share those insights with the people across the organization, in order to improve planning, productivity and safety.”

Danieli added: “This is very much in line with ABB’s focus on [Internet of Things, services and people] IoTSP, as part of our Next Level strategy, and our comprehensive portfolio … support[s] customers in integrating the worlds of information and operational technology.”

IoT facilitates IT-OT integration

[quote] According to a company release, interconnecting things, services and people via the Internet improves data analysis, boosts productivity and enhances reliability.

IT-OT integration also encourages energy and cost savings as well as generates new revenue opportunities through innovative business models.

The release adds that the industrial internet and cloud services also offer the benefit of bringing advanced analytics within reach of smaller production facilities.

A report put together based on the findings of the survey, indicates that utilities worldwide see multiple benefits in IT-OT integration. On a scale of 1-5, respondents ranked better long-term planning (4.86) as the highest priority.

Increased staff productivity (4.43), improved safety (3.98) and better use of capital (3.68) rounded out the top five.