Interactions between trading partners are becoming automated, reducing the amount of time required to complete and manage transactions and, in many cases, changing the way those transactions take place.

This is affecting companies in all industries, from process manufacturers, utilities and infrastructure contractors to upstream and midstream oil and gas organizations. Businesses in these areas rely heavily on the profitable operation of capital assets, and decision-makers are increasingly having to do more with less while predicting and quickly adapting to market changes — not to mention keeping to strict regulatory environments.

In order to drive more efficient operations and realize new revenue opportunities, there are three key areas asset-intensive businesses should focus on: The Internet of Things (IoT), reliability centered maintenance and lean asset management.

IoT: Connecting People With Processes

No sector is as advanced in its progress toward effective use of IoT as the asset management industry. Organizations in this space have been doing this well before the term IoT was created. Whether we call it SCADA, automatic data capture or IoT, sensors on equipment can facilitate condition monitoring and condition-based maintenance, as well as enable real-time monitoring of performance, quality and reliability of all equipment — anywhere, any time.

Maintenance professionals armed with this data can deliver predictive maintenance based on real-time information about the condition of equipment, rather than delivering a break/fix service or simply executing on calendar-based maintenance programs.

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