Schneider Electric Executive: Data Analytics In IoT Are A Windfall For Solution Providers

Solution providers who are looking for the money in the Internet of Things market should not look at connectivity solutions – but at the data, Schneider Electric Vice President of IoT Marketing Arthur Silva said. "The advancement of analytics capabilities and where we apply that from a Schneider Electric perspective, we don't sit in one place – we are both developing those smart products, applying this thinking around data sensor and analytics to the edge," Silva said, speaking at IoT Evolution Expo in Fort Lauderdale, Florida, last week. "The good news is, at the core essence IoT is all about making all the things smart and connected, so there's tons of data – and I look at data as data about an asset, about the environment, or about how a process is functioning." Partners interested in deploying IIoT solutions need to look at the business needs of industrial customers, said Silva – and then decipher how data can play into that need. For instance, customers want extended device life and their products to perform as expected. They also want to be able to predict and prevent downtime for their assets. As operational technology and IT continue to converge, solution providers will see even more opportunities around IIoT, including virtual reality, predictive analytics and cloud based software and managed digital services, he said. "There's more convergence between information technology and operational technology – more standardization – which is ultimately opening up doors and opportunities to advance in the area and evoke energy, process efficiency and optimization," said Silva.