Leveraging the Opportunities of Big Data and the Industrial Internet in Engineering Asset Management Organisations

Abstract

The recent breath taking advances in technology have brought us a corresponding exponential growth in the generation and storage of data; so much so that it is unlikely that anyone has not heard of Big Data. Although consumer electronics and internet facilitated social media are the most visible aspects of Big Data, another revolution is also taking place. This is the intelligent interconnection of everything with embedded sensors measuring any parameter that can be conceivably measurable. This is the Age of the Internet of Things (IoT) and the Industrial Internet. These technological advances will have a profound impact on all assets under management. Specifically sensor technologies, advanced controls and automated decision making promise to deliver on the vision of ‘no unplanned downtime’ of assets and at the same time ensure that reliability, efficiency and cost optimisation are achieved in managing assets. This paper will explore the opportunities and challenges of the Industrial Internet and provide a Framework for achieving the potential benefits of this new technological revolution.