One of the best books about the possibilities of IoT and the future of data is “The Future is Smart” by W. David Stephenson. If you’re just starting on the road of IoT or Proptech, here is a good way to think about expectations:

“The ideal first step, because it both minimizes up-front costs and pays short-term benefits in terms of operating efficiency is to add on sensors to existing manufacturing equipment to allow realtime monitoring of operating conditions. While sensors are now being built into a growing number of assembly-0line devices, companies that have large amounts invested in conventional machinery with long lifespans will be most interested in updating their current equipment.

Swedish manufacturer ABB makes this possible with its ABB Ability Smart Sensor… Most of (the sensors) currently run until they fail due to lack of any advance notice of possible problems. The add-on sensors identify maintenance problems in time for predictive maintenance, as well as avoiding the secondary damage that results when these motors fail, reducing repair and downtime costs. This addresses the causes of about 75% of LV motor failure and reduces downtime by about 70%.

Perhaps most importantly, the smart sensors don’t require wiring, further simplifying and reducing the cost of retrofitting. The sensor uses smartphones to send information about the motor’s operations to secure server. Estimated payback time is less than one year”

Did  you catch the gist of that: catches 3/4 of motor failure before it leaves production, significantly reduces downtime and a ROI of less than one year!? What are you waiting for?!