All things connected: Why companies should bet on the IIoT
goetzpartners digital executives event on the Industrial Internet of Things
Munich, September 18, 2018 – With its event “DEX #2 – Your Road to IIoT”, the advisory firm goetzpartners continued its series of events on the challenges of the future and core success factors in a digitalized world. The event focused on applying the Internet of Things in industrial environments and examining the strategies companies can use to fully exploit their IIoT potential. The IIoT was illuminated from a number of vantage points in expert presentations and experience sessions. Concrete areas of application were also addressed.
“The Industrial Internet of Things makes production more efficient and cost-effective and is thus a substantial growth market. Right now, industrial companies should clearly define how they intend to use the IIoT in the future for themselves. Business models and core value creation processes can then very often be redesigned,” says Wolfram Römhild, Managing Director at goetzpartners.
Participants at DEX #2 were treated to Dennis Janitza’s view of how traditional industrial companies can manage the IIoT transformation of their business strategies and technical ecosystems. Janitza is Vice President Product Development 4.0 at Norican Digital. In his presentation, he noted, “If companies use the existing infrastructures on the IIoT market in conjunction with flexible interfaces and market-specific process knowledge, the data they collect can generate additional customer benefits very quickly and efficiently.” Christian Lutz, founder and CEO of Crate.io, talked about real-time sensor data management as a foundation for Industry 4.0.: “The collection and provision of sensor data in real time is the basis for enabling companies to develop a variety of applications and derive value from that data.” Chris Boos, founder and CEO of Arago, looked at the technical perspective of the IIoT in close connection with the application of artificial intelligence: “AI is the instrument that will execute the IIoT transformation, since its use extends far beyond the mere recognition of data patterns. Only when data is automatically processed and transformed into action can we turn the full value of a networked world into economic gains for companies.” Added value from a customer perspective is a topic that Thomas Göcke, Head of Marketing & CRM at Koenig & Bauer Sheetfed, also addressed: “A foundation of collected IIoT data enables increases in the performance of machines. What’s more, it creates completely new options for B2B companies in offering proactive customer services and thus significantly boosting customer satisfaction as well as helping them differentiate themselves from the competition.“ Götz von Steynitz, a partner at goetzpartners, summarized as follows: “The IIoT not only defines production processes, but also redefines our understanding of products. With it, companies can fulfill their customers’ needs much more effectively and make the entire service process more efficient and flexible.“
The experience sessions
The experts’ presentations were rounded out by four experience sessions in which participants could experience IIoT use cases in practice. Among them was the augmented reality app from Augmentaio, which can be used to display maintenance scenarios using an animated machine, among other things. Aconno showed how sensor modules and tailored smart hardware help business succeed in entering the IIoT world. The Selfbits cloud service makes mobile applications viable even for companies without complex server infrastructures. Relayr presented its platform, which can be used to link the old and new versions of hardware and software and analyze data from machines in order to prevent downtime through proactive maintenance, for instance.
DEX stands for Digital EXecutives. The DEX series of events is a platform for all “digital warriors” leading their companies through a business world that is rocked by disruptive change. Well-known speakers from academia, start-ups and established industrial companies exchange views and ideas on core digitalization topics and discuss the strategies and business models that lead to sustainable success. The DEX events thus contribute to a cross-industry dialog on best practices and upcoming trends, and offer managers valuable insights for developing future visions for their own businesses.
goetzpartners: Advisory for Strategy, M&A and Transformation
goetzpartners, founded in 1991, is an independent advisory firm for all key issues of entrepreneurial activity: strategy, M&A and transformation. As a trusted partner with a valuable track record and a far-reaching network, we are ideally positioned to help companies worldwide to navigate through their digital transformation challenges. With more than 350 professionals operating out of 14 offices in 11 countries, we advise decision-makers and top executives in all key industries.
goetzpartners, headquartered in Germany, ranks among the 10 best-performing German advisory firms (Lünendonk®). Boasting a vast wealth of expertise in both cross-border mergers and acquisitions and management consulting, we are trusted by clients to provide excellent insights, transaction advisory services and value creation. For four years running, goetzpartners has received awards as part of the renowned “Best of Consulting” contest (“WirtschaftsWoche”).
Anni Altkofer, Consultant
Ines Bieger, Director Marketing & PR