Investing in the IoT is a big decision. As a foundational step in the IoT journey, remote condition monitoring can be associated with several outdated misconceptions. But the truth is remote condition monitoring justifies your IoT investment with proven outcomes in service excellence. Ready to test your notions about remote condition monitoring? Guess the true figures and click for your results.
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Through remote condition monitoring, one service organization discovered a cavitation problem that would cost their customer more than $1.6 million in downtime if not solved within 30 minutes.
$1.6M
30 Minutes
For 60% of surveyed service organizations, remote condition monitoring took up to two years to demonstrate value.
60%
2 Years
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Through remote condition monitoring, Flowserve discovered a cavitation problem that would cost their customer more than $1.6 million in downtime if not solved within 30 minutes.*
It’s a common misconception that remote condition monitoring takes too long to create value. But with the visibility and insights manufacturers glean from remote condition monitoring, they’re empowered to achieve quick wins and long-term results.
* https://www.ptc.com/en/case-studies/flowserve-iot-monitoring
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*https://www.ptc.com/en/case-studies/flowserve-iot-monitoring
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Remote Condition Monitoring Quiz
After implementing remote condition monitoring, upper management and IT teams have 15% more visibility into asset and service performance.
15%
Best-in-class IoT users are 73% more likely to give business leaders visibility into asset and service performance.
73%
According to research by Aberdeen Group, best-in-class IoT users are 73% more likely to give business leaders visibility into asset and service performance.*
The benefits of remote condition monitoring through an IoT platform aren’t limited to the service team. In fact, equipment data and departmental visibility bring value across the entire enterprise.
* https://www.ptc.com/en/resources/iiot/infographic/amplify-iot-impact
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Real-time remote condition monitoring data helps manufacturers achieve noticeable results, such as reducing mean time to repair by 50%.
50%
Manufacturers implementing DIY IoT projects or other internal workarounds can reduce their mean time to repair by 60%.
Real-time remote condition monitoring data helps manufacturers achieve noticeable results, such as reducing mean time to repair by 50%.*
DIY solutions and internal workarounds fail to deliver data that is in-depth, reliable, and in real time. Remote condition monitoring delivers proven outcomes in service time, cost, and revenue.
* https://www.ptc.com/en/resources/iiot/ebook/five-misconceptions
Of manufacturers who leverage custom-built solutions, 80% agree that their IT team would be more burdened by remote condition monitoring through an IoT platform.
80%
One service organization replaced their time-consuming, manual service process with an IoT platform to realize a first-time-fix rate of 92%.
92%
Bell and Howell replaced its time-consuming, manual service process with an IoT platform to realize a first-time-fix rate of 92%.*
Settling for a manual process or building your own custom solution can seem tempting if you want to avoid further burdening your overworked IT team with software patches and upgrades. But scaling in-house solutions proves to be an even greater challenge. With remote condition monitoring through an IoT platform, both your service and IT teams get value from out-of-the-box benefits and best-of-breed support.
* https://www.ptc.com/en/case-studies/bell-and-howell
One medical device manufacturer gains competitive advantage through remote condition monitoring by completing more than 600 preventative actions in the first year of its connected field service project.
600
By waiting to prove the validity of IoT technology, manufacturers that wait to implement remote condition monitoring can save up to 20% more in service costs than their competitors.
20%
In 1 Year
Elekta gains competitive advantage through remote condition monitoring by completing more than 600 preventative actions in the first year of its connected field service project.*
Waiting to implement remote condition monitoring puts manufacturers at risk of falling behind while their competitors get results from best-of-breed IoT.
* https://www.ptc.com/en/case-studies/elekta-cfs
Are your remote condition monitoring misconceptions limiting the potential of your digital transformation? Don’t wait and fall behind. Learn more about the top five remote condition monitoring misconceptions and take the next step in your IoT journey.
Source: The Top 5 Misconceptions About Remote Monitoring
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