Alchemy IoT introduces ‘IoT Asset Intelligence’ associated with Big Data, IoT and AI

Victor Perez of Alchemy

Alchemy IoT, a provider of AI-powered applications for industrial IoT, introduced “IoT Asset Intelligence,” a new industry approach that addresses the complexity and market fragmentation associated with Big Data, IoT and artificial intelligence. It outlines today’s disruptive mega-trends, and Alchemy’s industry insights and vision, before outlining practical steps organisations can use to align company goals, resources and teams toward value streams centered on industrial equipment, fleets and operational performance.

“IoT Asset Intelligence combines our best thinking into an actionable framework to plan, implement and gain value from AI-based IoT initiatives – especially for smaller organisations that may lack the resources for expensive consultants and data scientists,” said Victor Perez, CEO of Alchemy. “We are committed to the customer journey as much as the technology that is transforming the way industrial companies operate and win in the market.”

Recent studies by the International Data Corporation (IDC) estimate that by the year 2020 there will be 30 billion connected devices globally. With connected devices outputting sensor data 24 hours a day, seven days a week, the sheer scale of data production is staggering. The IoT Asset Intelligence framework provides practical steps for improving operational efficiencies, empowering better decision making, promoting collaboration and innovation, and delivering more value to the organisation.

The central theme of the IoT Asset Intelligence framework is visibility and efficiency through a blend of data-driven processes and a renewed culture around innovation and critical thinking. Like Lean and other operational improvement methods, IoT Asset Intelligence requires executive support and leadership to achieve sustainable success – as change and breaking with entrenched norms is as much a cultural “transformation” exercise as it is a process and technology play.

The following are the IoT Asset Intelligence core tenets:

  1. Appoint an IoT champion: to be the single-point-of-contact, for the initiative and to help shift company culture.
  2. Establish top-line goals and ROI opportunities: establish goals early in the process to have a clear path to success.
  3. Conduct asset and process assessments: identify new data points to gain a strong understanding of what existing assets and processes exist in the organisation to better optimise them.
  4. Identify processes for improvement and align new value streams: these processes are the best candidates for improvement.
  5. Apply AI and machine learning for data analytics and automated workflows: not all data is good data – leverage AI to filter out irrelevant data to make data streams more powerful.
  6. Present performance data in graphs for contextual 360-degree views: teams need to access performance data in a clear, visual representation that will allow them not only to see progress, but identify areas for improvement.
  7. Integrate with existing ERP, EAM, MRO and MRP platforms: work with existing tools to optimise and enhance current processes, not just create new ones.
  8. Provide graphical intelligence for executive decision-making and strategic planning: leverage data intelligence to make meaningful business decisions at the highest levels.
  9. Practice continuous improvement: always improve – never be satisfied.

Alchemy will soon publish a comprehensive paper on the IoT Asset Intelligence framework that will be available from its website. For more information on the company, please click here.

Comment on this article below or via Twitter: @IoTNow_OR @jcIoTnow

FEATURED IoT STORIES

9 IoT applications that will change everything

Posted on: September 1, 2021

Whether you are a future-minded CEO, tech-driven CEO or IT leader, you’ve come across the term IoT before. It’s often used alongside superlatives regarding how it will revolutionize the way you work, play, and live. But is it just another buzzword, or is it the as-promised technological holy grail? The truth is that Internet of

Read more

Which IoT Platform 2021? IoT Now Enterprise Buyers’ Guide

Posted on: August 30, 2021

There are several different parts in a complete IoT solution, all of which must work together to get the result needed, write IoT Now Enterprise Buyers’ Guide – Which IoT Platform 2021? authors Robin Duke-Woolley, the CEO and Bill Ingle, a senior analyst, at Beecham Research. Figure 1 shows these parts and, although not all

Read more

CAT-M1 vs NB-IoT – examining the real differences

Posted on: June 21, 2021

As industry players look to provide the next generation of IoT connectivity, two different standards have emerged under release 13 of 3GPP – CAT-M1 and NB-IoT.

Read more

IoT and home automation: What does the future hold?

Posted on: June 10, 2020

Once a dream, iot home automation is slowly but steadily becoming a part of daily lives around the world. In fact, it is believed that the global market for smart home automation will reach $40 billion by 2020.

Read more
RECENT ARTICLES

Workz launches eSIM cloud

Posted on: November 29, 2021

Dubai. 29 November 2021 – IoT solutions provider Workz has expanded its eSIM subscription management solution to offer a GSMA certified cloud-based platform in the US. The platform, which is certified by the GSMA’s Security Accreditation Scheme (SAS) and hosted at Microsoft Azure’s Virginia, USA site enables mobile network operators (MNOs) to remotely manage consumer

Read more

Laiye partners with HUAWEI CLOUD to drive Brazil’s digital transformation

Posted on: November 29, 2021

Laiye, a provider of intelligent automation, and HUAWEI CLOUD, a global provider of cloud services, announced a strategic alliance to drive digital transformation in Brazil through of cloud computing, artificial intelligence (AI) and big data. The alliance will be implemented in the rest of Latin America. 

Read more