Solution providers who are looking for the money in the Internet of Things would do well to look beyond connectivity solutions to the use of real-time data, Schneider Electric Vice President of IoT Marketing Arthur Silva said.
"The advancement of analytics capabilities and where we apply that from a Schneider Electric perspective, we don't sit in one place – we are both developing those smart products, applying this thinking around data sensor and analytics to the edge," Silva said, speaking at IoT Evolution Expo in Fort Lauderdale, Fla., last week. "The good news is, at the core essence IoT is all about making all the things smart and connected, so there's tons of data – and I look at data as data about an asset, about the environment, or about how a process is functioning."
Partners interested in deploying IoT solutions can start by examining the business needs of industrial customers, said Silva, and then decipher how data can play into those needs. For instance, customers want extended the life of the devices they use and the machines that run their businesses. They want to be able to predict and prevent downtime for those assets.
As operational technology and IT continue to converge, solution providers will see even more opportunities around IoT, including virtual reality, predictive analytics and cloud based software and managed digital services, he said.
"There's more convergence between information technology and operational technology – more standardization – which is ultimately opening up doors and opportunities to advance in the area and evoke energy, process efficiency and optimization," said Silva.