An increasing number of companies are starting to offer a new as-a-service business model for the manufacturing sector. The proliferation of the Industrial Internet of Things (IIoT) and cloud technology provides the manufacturers with the ability to shoulder the burden of painful initial investment costs more easily as well as to tackle challenges such as unplanned downtimes. In addition, as-a-service model is more affordable across the board, which makes many young companies look at it as a way of cutting on initial costs in an increasingly competitive environment. So far, three main models have emerged and we will describe each of them for you, together with the information on the event at which you can master IoT and other relevant technologies for your business.
- Maintenance-as-a-Service (MaaS). Everything starts with the collection of large amounts of equipment maintenance data which is made possible with the use of the Internet of Things (IoT) and the Industrial Internet of Things (IIoT). Based on the analysis of these data, smart factory operators and manufacturers get an opportunity to remotely monitor the operation of machines, train workforce and gain additional insights into the life cycle of the equipment they use. Applying this model can help smart factories better cope with the problems that arise due to unplanned disruptions of operations. In addition, collected information can be used to determine the equipment maintenance schedule even before a malfunction occurs.
- Automation-as-a-Service (AaaS). In the manufacturing sector, the AaaS model allows manufacturers to move from slow and manual processes to faster and automated ones. It is being increasingly applied to a variety of workflows, such as supplier and order management, tendering and inventory management. Using the AaaS model increases productivity and reduces operating costs because it reduces routine, manual, and administrative tasks and minimizes production time. The growth of this segment is attributed to the growing demand for automation and the expansion of cloud technology applications.
- Product as-a-Service (PaaS). Equipment prices are often described one of key factors preventing the growth of smart factories and solutions. As a solution, the business-as-a-service (PaaS) business model allows smart factory operators to pay for the execution of processes and operations instead of buying equipment themselves, which is particularly important at the initial investment stage. This relieves the manufacturer of the worries related to maintenance costs and breakdowns and provides a guarantee that the obsolete equipment will be replaced once it is time to upgrade. PaaS providers also add performance monitoring systems such as sensors and controllers to existing equipment and the collected data can be used to improve operational efficiency.
Are you an investor or an integrator of advanced manufacturing systems? Are you interested in the applications of IoT in the manufacturing and other industries? If yes, Security Summit 2020 Virtual Conference and Exhibition is the place for you, as it is an event which carefully balances education on this and many other topics, with an added opportunity for quality B2B and B2C networking. Register today and check out why the thousands of our visitors and partners from all over the world leave the Summit with satisfaction and return to it as regular attendees!