Due to the massive growth in innovative technologies, experts believe that IoT will be connecting assets and leveraging predictive analytics and advanced intelligence as part of the digital transformation in freight transport. Among these experts is Ralph Rio, vice president of Enterprise Software of ARC Advisory, a leading technology research firm for industry and infrastructure, who spoke at the Software AG Innovation Tour 2017 conference in Washington where technologies were examined as ways to leverage and digitalize industries, including freight transportation.
Rio discussed the big three technologies that are occurring simultaneously: mobility in the cloud technology, Big Data and analytics and the IoT smart machines. He predicted that Industrial IoT will drive business value in factories, plants, facilities, trucks and trains. It will take information from facilities and provide efficiencies that help eliminate unplanned downtime to factories and refineries and improved reliability.
With the use of IoT, data quality will improve because it will be electronically gathered as opposed to manually. This will help eliminate any unplanned downtime, which can cost up to $31,000 an hour in a paper plant or $43,000 an hour in an automotive panel stamping plant. Predictive maintenance will also be improved with platforms that develop applications with services and utilities that are more accurate and sustainable. Just as well, the probability of failure can be reduced by increasing IoT examination of these patterns to create better preventative maintenance in trucks, railroad cars and other transport assets.
At an unprecedented growth, software is becoming a key competitive advantage for many products today. Currently, there are $50,000 Cummin diesel engines that are typically powered by a Class 8 heavy truck but now use an intelligent and connected engine computer module. Now, fleets are getting real-time operating data from highways to better monitor operations.
There is a digital transformation under way in transportation today. In the next few years, we will see IoT come into play in the transportation industry by reducing the number of maintenance personnel, helping schedule maintenance on a smarter schedule that will be based on the proactively predictable failures in engines and other components, as well as by maintaining engine and asset lives.