The Internet of Things is seeping into every area of our lives. We even have Internet-connected water bottles. However, the place where IoT-enabled applications likely make most sense is within manufacturing businesses. A factory has so many moving parts, and it can be difficult to pinpoint where a machine has failed along the line.
When one machine fails or has issues, it can bring the entire production line to a screeching halt, which can cost companies thousands of dollars. It just makes sense to be able to remotely manage these devices to ensure they are being maintained properly and to try and head off issues before they arise.
Here Comes RMM Software for IIoT Devices
As such, many companies are starting to offer Remote Monitoring and Management (RMM) for these IoT enabled industrial devices.
A key example: MachineMetrics has extended its IIoT platform with the new MachineMetrics Service. The addition is an Industrial IoT application that remotely monitors machine assets in the field and at customer sites in real-time for improved equipment uptime, and reduced service costs. It can also provide AI and predictive maintenance that is designed specifically for your equipment, the company claims.
Meanwhile, many manufacturing firms can't afford to rip-and-replace "dumb" devices with "smart" machines. With that market gap in mind, RelayR extends sensors to existing machinery and production systems to gather data and unlock insights. Eager for a piece of that action, Insurance group Munich Re has acquired RelayR for $300 million, the companies have confirmed.
The deal combines Munich Re's knowledge of risk, data analysis skills and financial strength with RelayR's technological expertise, board member Torsten Jeworrek asserts. Together, the companies will "develop new ideas for tomorrow’s commercial and industrial worlds."
RelayR's new owner has vowed to maintain a business-as-usual approach with the company. There are no plans, at least presently, to change RelayR's culture or staff.
In theory, companies like MachineMetrics and RelayR allow manufacturing firms and businesses in other verticals to remotely pinpoint when and how a device failure will happen -- thereby delivering more reliability, efficiency, and uptime.