From OpenSpace point of view, the real value of the Internet of Things lies not in the connected devices themselves, but in the services and business models that those connections make possible. As a result, the company's goal is to facilitate the transition from product- to service-oriented business models so that previously one-time payments become recurring revenue for its enterprise customers.
From industrial machines to cars, everything has a life-span. To help keep these things in the best condition for as long as possible, most of us commit to a program of regular maintenance – servicing our machines and changing the oil in our cars, for example. But this regular, scheduled maintenance can get very expensive, especially since they may not always be necessary. Businesses may be wasting the engineers' time – and losing money on pre-scheduled monthly and quarterly maintenance checks. That's bad news for any business. But there is a solution.
Predictive maintenance enabled by the Internet of Things is the way to proactively monitor, manage, and maintain assets in the future. These solutions analyze large volumes of operational data and apply predictive insights make accurate predictions.
So, rather than carry out work when it's not needed, businesses have foresight into when it really will be needed. They can then take the appropriate action before equipment breaks down to avoid disruption in their business processes. This proactive monitoring lowers maintenance costs, predicts failure before it occurs, improves equipment uptime, and improves customer service as a result.
Costly equipment downtime that in return can damage relationships with customers, partners and suppliers. It can be particularly troublesome for industries that rely on round- the-clock service, such as airlines, banks, emergency services, and energy suppliers. With predictive maintenance, companies can have full vision of all their systems' health, 24×7, meaning you can keep productivity – and profitability – high and keep your customers happy with uninterrupted service.