Manufacturing to Services

Harsimrat Bhasin, Co-Founder & COO, Neewee
Monday, February 13, 2017
Harsimrat Bhasin, Co-Founder & COO, Neewee
Headquartered in Bengaluru, Neewee is an analytic services company. The company provides Platform as a Service (PaaS) across domains with specialization in predictive maintenance/condition based monitoring solutions for IoT.

We have frequently seen that technology has changed the way we do business. On the consumer side, we've seen travel and e-Commerce change as the Internet of People grew. Similarly, the Internet of Things (IOT) is one of those enablers which will alter the way we do business. Software as a Service (SaaS), Infrastructure as a Service (IaaS), Platform as a Service (PaaS) has revolutionized IT, and similar business models will revolutionize operations and Operations Technology (OT). What is new now is the application of a SaaS-like model in manufacturing.

Manufacturing has traditionally been about delivering a product or related parts. Customers don't want to own the actual products; instead they just want the end result that the product delivers. For a manufacturer, this implies, shifting their view point from the product to the service outcome. This changes the relationship from a sales transaction to a mutually beneficial long-term partnership.

Before the dawn of Internet of Things (IoT), it was difficult to implement Analytics based Service solutions. It was still possible but took a lot of investment in hardware, software and communications technologies. Technology innovations are now making smart and connected assets more prevalent. Cloud computing solutions like Amazon AWS, Microsoft Azure have reduced the cost of processing power and data storage. Advancement in telecommunication with 4G/5G and introduction of LoRa are helping IoT implementation to address challenges in communication. Energy efficient sensors with cheaper price are driving the IoT implementations. All of these together are enabling usage and consumption based subscription models in manufacturing.

IoT is all about coming together of sensor data and advanced analytics to reduce operational risk and increase the value of actionable decisions. Sensors or 'things' generate a ton data. If you look at all sensor data, it looks very similar. But, each set of data can tell its own story. At 50000 feet, the sensor data is just a time series data. What can we make out of it other than some kind of trend? Is that enough to Monetize? Probably not. Unless we dive deep and derive a meaning out of it, it is just a trend chart. This is where the analytics of things plays a key role. IoT Analytics covers cleansing or restructuring of raw sensor data, profiling of failures, detecting events and predicting possible failures based on laws of statistics and physics.

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