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How to generate value through data-driven business in industry?

How to generate value through IIoT in industry?

According to Eric Jackson, VP of PTC, there’s great potential for achieving significant cost savings in the industry sector, especially in field service and maintenance, by benefitting from AR and IIoT. New 5G technology enables more advanced AR solutions for industrial sites.

Anders Hahnsson

Advisory Director

KPMG Suomi

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5G technology, data-driven business models, AR (Augmented Reality) and IIoT (Industrial Internet of Things) are currently among the hottest trends in industry and every company is considering how to benefit from them. One of the greatest potentials lies in AR solutions helping maintenance, commissioning and training on site.

“For example, your company’s maintenance personnel can put on their AR goggles in order to receive visual guidance when repairing a particular machine or part of a process line. Or AR goggles can be used for practical training when employees need to learn how to operate a new machine – at much less cost than flying a personal trainer overseas to do the job,” says Eric Jackson, Vice President of PTC, a global software company and digital transformation technology provider. PTC is KPMG’s global, strategic ally.

“AR allows you to expand access to data, and to do certain things yourselves that you weren’t previously able to do without extensive training. It therefore allows you to reduce the number of people on site,” he adds. 

Focus on business value, not technology

Eric Jackson believes that, in business, IoT and other digitalization projects are too often considered to be merely technology projects. On the contrary, creating business value and competitive advantage is at the core of IoT investments – not the technology itself.

According to Jackson, every IoT project should be designed with customer value at the center.

“Technologically-led projects tend to fail through a lack of scaling, because they are often not guided by quantitative business benefits,” he continues.

“On the one hand, companies benefit from applying new technologies, but, on the other hand, system integrators are actually better off with large technology projects that are complex and customized. They anchor their relationship with the customer for a long period of continued maintenance and support for the customized solution.  

Frontrunners will gain competitive advantage

Companies pursuing a strategy of releasing value from digitalization investments should do their own due diligence on the software platforms.

“By doing so, they ensure they are leveraging the state of the art and minimizing the complexity and scope of the custom-built capabilities,” says Jackson.

According to Jackson, the pioneering companies will gain a significant competitive advantage. In order to prepare for future challenges, companies need to create a digital roadmap to pave the way for their business goals. IoT must be anchored in the strategy at an early stage.

“It’s worth remembering that, in industry, major changes can occur much faster than we think. Smart phones broke through less than a decade ago.”

Industrial IoT solutions are with us already

Jackson is hesitant to make detailed predictions for the near future. However, he believes that, within 10 years, IoT infrastructure will be considered a crucial part of business in industrial companies.

At PTC, Industrial IoT and Augmented Reality are the fastest growing technologies.

“IoT technology has been around for a little over 10 years now, and PTC has been offering IoT as a core part of its portfolio since 2014. You don’t need 5G for IIoT solutions, but it does change the scene.

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