Industry 4.0 for the chief engineer: Industrial Internet of things, predictive analytics, and the new maintenance economy

Abstract

In the context of Industry 4.0 and increasing demands for productivity and production continuity, traditional preventative approaches to equipment maintenance are giving way to proactive, data-driven models. This article examines the use of the Industrial Internet of Things as a key tool for improving overall equipment efficiency. Three basic approaches are discussed sequentially. Particular attention is paid to the integration of the Industrial Internet of Things (IoT), predictive analytics, and the new maintenance economy. To support this economic justification, the article describes the use of an metric for assessing equipment performance.