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Internet of Condition Monitoring Community - Special Interest Group Founders Meeting

Internet of Condition Monitoring Community - Special Interest Group Founders Meeting by John Murphy

Internet of Condition Monitoring Community - Special Interest Group Founders Meeting

by John Murphy

Mission

The Internet of Condition Monitoring Special Interest Group is created to organize the early adopters, the technology pioneers, the start-ups, the underdogs and the individual innovators. By collaborating and cooperating, we can create a clear path to innovation, rapid adoption and application within our community of practice.

Vision

Publisher’s Note:

The Internet of Things, the Industrial Internet of Things and Industry 4.0 are getting a lot of attention and for good reason. These approaches are developing rapidly and showing huge results. They will be disruptive to many who are not prepared.

Reliabilityweb.com’s Community of Practice (CoP) started the Internet of Condition Monitoring (IoCM) Special Interest Group to focus attention on the technologies that will have the most immediate impact to advance reliability and asset management. The following IoCM report is the first of a series and introduces the need for this group and the work it will produce. The best way to predict the future is to invent it. Get involved today to create a future that was not going to happen anyway.

- Terrence O’Hanlon, Publisher

Background

Companies’ explosive focus on improving financial performance through leveraged (i.e., fixed) asset optimization has become even more fiery with the rapid adoption of the Industrial Internet, which enables multitudes of devices and equipment to be connected. The result of this combination is accelerating levels of asset management innovations and creativity not seen in the industrial asset space from both a products and services perspective.

Within the asset optimization market, no segment has grown faster than the condition monitoring space. Condition monitoring (CM) is the process of observing parameter(s) of condition in an asset (e.g., machinery) in order to identify a significant change that is indicative of a developing fault. Conversely, condition-based maintenance (CBM) is the maintenance strategy that monitors the actual condition of the asset to decide what maintenance needs to be done. Both CM and CBM are now key segments of the Industrial Internet of Things (IIoT), which is estimated to have a market value of $124 billion to as much as $14 trillion over the next 15 years.

Asset intensive industries are facing a number of challenges on their road to improved asset management that include:

Additionally, asset owners’ levels of maturity in managing their assets tend to dictate the level of investment and speed of adoption. Generally, with many companies still operating with traditional maintenance organizational structures or some continuing to operate with run to failure mentalities, while others face strong competitive market challenges, their willingness to invest in these new technologies is perceived as high risk alternatives.

Creation

It was this backdrop of deterrents, M&A activity implications and customer adoption challenges that led Reliabilityweb.com founder Terrence O’Hanlon to the realization that a forum was needed to promote the business of condition monitoring. In his remarks at the founders meeting held April 24, 2017, in Las Vegas, Terrence shared his mission vision.

Over three dozen organizations attending from both the asset owner and supplier sides represented these industries.

Suppliers

Wireless sensors
Services vendors
Mobility and communications solutions
AI and algorithm based analytics
Asset management platform
Big data/data historians
Condition monitoring and machine learning

Asset Owners

Utilities
Chemicals
Automotive
Medical
Paper
Consumer Products
Aerospace

Terrence recognized the existence of other forums, such as the Industrial Internet Consortium, but differentiated the goals of the IoT Condition Monitoring Special Interest Group (IoCM SIG).

There are a lot of BIG companies laying claim to the Internet of Things, and when it comes to washing machines and refrigerators, we have no issues with them. Many of these large conglomerates fail to recognize and respect the past 40 years of contribution and innovation that enterprising entrepreneurs have brought to the art and science of condition monitoring.

He proposed a multifunctional working environment for all, where the supply chain could work together to:

Highlights

Meeting participants shared their business asset strategies, or in the case of suppliers, their products and services business strategies, to establish a foundational shared understanding across participants. Next, participants created the following wish list of items for inclusion in the IoCM SIG work plan.

Wish List

  • Develop a common language: words, phrases and definitions (i.e., a glossary)
  • Common standards: measurement, analytics and interoperability
  • Promotion of open architecture among the membership and generally
  • Develop a format for partnership: inclusion of financial business/use cases, change and project management, and leadership education
  • Best practices assessment and identification for optimizing current asset performance
  • Skill development programs to address serious supplier and asset owner resourcing gaps
  • Development of a public relations/communication program to educate, engage and broaden participation in the IoCM SIG

Reliability Leadership Institute (RLI) Community of Practice (CoP) members are automatically included in the Internet of Condition Monitoring Special Interest Group. The member list includes:

  • Honda North America
  • Boeing
  • Medtronic
  • Bristol-Myers Squibb
  • B. Braun
  • CBRE
  • Central Arizona Project
  • Metropolitan Council
  • DC Water
  • Jacobs
  • JLL
  • Siemens
  • Bentley Systems
  • Gwinnett County Water
  • Arizona Public Service

Conclusion

Well received by participants, the IoCM SIG concluded with a directive by the participants to create an IoCM SIG three-year go forward plan. Terrence summarized the meeting, recognizing the great discussions and sharing, but noted that the outcomes created at the IoCM SIG will be achieved only through future participation. He added,

It’s up to us to create a better future for ourselves and for our businesses. We are stronger, more agile, and get better results when we can work together through the IoCM SIG.

The team at Reliabilityweb.com has proven itself to be a trusted steward of community interest. They have a history of facilitating work that has advanced reliability and asset management. Furthermore, they have their own history of major contributions over the past 18 years.