IoT devices can collect sensory data from an asset in real-time, bringing it to an aware state. It’s the state-of-the-art equivalent of hundreds of highly reliable humans monitoring all dimensions of an asset 24 hours a day, seven days a week. Until now, such monitoring was unattainable due to logistics and costs. But the potential of Industry 4.0 technology doesn’t stop there. All these IoT devices provide a powerful repository of data that can be combined with other data sources to create a truly efficient state for the asset — a state in which the asset is aware not only in real-time, but predictive, or aware of its potential future state. The key components of Industry 4.0 provide the asset full transparency into its current state, real-time awareness to minimize event impact and even predictive awareness through the harnessing of machine learning/artificial intelligence algorithms that sift through mounds of data looking for learned data signatures that predict future risk events. By combining these key aspects of Industry 4.0, governments, corporations and everyday people should realize a significant reduction in the total cost of owning assets. Aware assets will have a greater likelihood of being completed on-time and on-budget, and they will have a greater likelihood of being delivered defect-free. Perhaps most importantly, they will also have a greater likelihood of remaining operational throughout their extended life — in other words, face minimal unplanned downtime READ HERE
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