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ARC recently had the excellent opportunity to participate in and present at the CEO Roundtable held during the Hydraulic Institute’s Fall Conference held down in New Orleans. ARC provided an overview of what is IIoT, based on ARC’s definition, and the main components that comprise IIoT that can synergistically be leveraged to enable pump manufacturers, suppliers, related stakeholders and end users to realize greater operational performance, lower operational costs as well asset lifecycle costs, increase employee productivity and process production, and help suppliers and users alike address the “brain drain” that is creating greater pressure for companies to attract Millennials. Making the pump the pump industry a more attractive professional career path for the younger generation is possible by developing apps, leveraging advanced analytics and machine learning as well as utilizing social media. ARC provided the main drivers for IIoT based on extensive research ARC conducted over the last few years and discussed the many industries and applications for which IIoT-enabled pumps can add real business value.
ARC addressed the total market potential of IIoT based on its research titled Total Available Market for the Industrial Internet of Things Global Market Research Study; suffice to say that the large market opportunity of almost $300 billion by 2019 caught the attention of most of the C-level executives in the room. ARC ended the presentation discussing how IIoT not only provides companies opportunity to enhance both operational performance and optimize production but also open-up the real possibility for new business models based on smart products and enhanced aftermarket services.
What helped generate greater follow-on discussion was the moderated Q&A discussion led by Jeremy Frank, President of KCF Technologies. Frank showed several real-world examples of pump suppliers deploying IIoT-enabled pump in the field and also discussed his company’s own success in helping its core customers, pressure pumpers in the oilfield, to realize lower costs and greater operational performance. Frank then polled the executives in the room on their level of awareness of IIoT and the number of companies which had developed an IIoT strategy. Although most of the executives had some understanding, even if just a basic awareness, of IIoT, the majority had not yet developed an IIoT strategy for their firms. The exciting outcome of the discussions was that almost all the executives realized that they needed to make IIoT a higher priority at their companies and motions were proposed in making the topic an integral part of CEO Roundtables going forward.
ARC wants to give a special thanks to HI for enabling ARC to participate in the CEO Roundtable and the larger conference as it was very interesting, informative and reaffirming of ARC’s rock-solid belief that IIoT-enabled technologies are, can and will play a role in empowering the future for rotating equipment. HI will be celebrating its 100th anniversary next March down in Orlando and ARC believes that it will be a great event designed to help further propel the pump industry into the 21st century.
ARC addressed the total market potential of IIoT based on its research titled Total Available Market for the Industrial Internet of Things Global Market Research Study; suffice to say that the large market opportunity of almost $300 billion by 2019 caught the attention of most of the C-level executives in the room. ARC ended the presentation discussing how IIoT not only provides companies opportunity to enhance both operational performance and optimize production but also open-up the real possibility for new business models based on smart products and enhanced aftermarket services.
What helped generate greater follow-on discussion was the moderated Q&A discussion led by Jeremy Frank, President of KCF Technologies. Frank showed several real-world examples of pump suppliers deploying IIoT-enabled pump in the field and also discussed his company’s own success in helping its core customers, pressure pumpers in the oilfield, to realize lower costs and greater operational performance. Frank then polled the executives in the room on their level of awareness of IIoT and the number of companies which had developed an IIoT strategy. Although most of the executives had some understanding, even if just a basic awareness, of IIoT, the majority had not yet developed an IIoT strategy for their firms. The exciting outcome of the discussions was that almost all the executives realized that they needed to make IIoT a higher priority at their companies and motions were proposed in making the topic an integral part of CEO Roundtables going forward.
ARC wants to give a special thanks to HI for enabling ARC to participate in the CEO Roundtable and the larger conference as it was very interesting, informative and reaffirming of ARC’s rock-solid belief that IIoT-enabled technologies are, can and will play a role in empowering the future for rotating equipment. HI will be celebrating its 100th anniversary next March down in Orlando and ARC believes that it will be a great event designed to help further propel the pump industry into the 21st century.