ABSTRACT: Preventative maintenance programs are expensive, but downtime caused by equipment failures are even more costly. In this high-stakes endeavor, customers of industrial equipment manufacturers are looking for more visibility into machine health and especially, predicted machine health. This phenomenon is creating an opportunity for industrial equipment manufacturers to create differentiated and smart connected machines that provide granular machine health data that can be used to reduce operational expenses, increase product and process quality, and improve overall corporate competitive position.
Mark Benson is the Chief Technology Officer at Exosite, an Internet of Things (IoT) platform company based in Minneapolis, MN. Mark is a regular speaker and writer on the intersection of technology, business, and society as it relates to product development, technology leadership, strategic planning and execution, intellectual property portfolio management, software architecture, information security, competitive positioning, and organizational behavior.