2016 is done and internal debates with manufacturers and OEMs point to building business cases for Industrial Internet of Things (IIoT) initiatives. IT and OT suppliers are partnering to provide more holistic solutions for manufacturers, but internal metrics have to be in place for these new IIoT initiatives to be successful.
A new white paper from ThingWorx, a PTC company, “Quantifying the Return on Investment (ROI),” provides starting points for manufacturers on what key metrics are needed for measuring these projects. The paper includes three case applications and a deep dive into the business entities within an enterprise, such as assets, engineering. operations, services and sales.
The paper emphasizes a holistic look at IIoT and how the above entities are connected. For example, the first customer success story reveals these metrics from disparate business units: reduced mean time to repair (MTTR), reduced travel time for calls and a look at service calls for each problem resolved remotely.
From the white paper:
ThingWorx has interviewed customers, analyzed results, and found top- and bottom-line impacts that executives need to understand. The following sections share these finding and discuss what they mean for the enterprise. You will find an overview of the business metrics for IoT and the description of a framework to quantify the return on investment.