Organizations are continuously striving to achieve improved productivity and management of processes and assets with supply chain managers prioritizing the need to understand how to improve the efficiency and visibility of their supply chains end-to-end.
We can see that companies in the process industry experience challenges to effectively monitor their remote storage facilities due to the high and costly efforts required to conduct manual monitoring tasks.
Recent research by IDC1 estimates that by 2021, 20% of G2000 manufacturers will be depending on IoT, blockchain, and cognitive intelligence to automate their supply chain processes and speed up execution times by up to 25%.
Digital technologies such as IoT, cloud advanced communications and data analytics can be key enablers to driving business transformation for the process automation industry globally by unlocking operational efficiencies and improving and automating replenishment processes. New digital technologies are enabling remote monitoring triggered on “refresh threshold levels”, but relying on this data alone runs the risk of purchasing replenishment stock at suboptimal levels and prices.
This challenge can be overcome by increasing the level of automation to incorporate external data and analytics, where refill processes and timing can be determined by the optimal combination of external market price points of the product, and the consumption level, triggering the purchase of tank fluid at current market price levels.
Beyond’s cloud-native Digital Business Platform empowers businesses to transform how they manage their supply chain processes by leveraging and monetizing data events triggered by sensors in the supply chain.
The Intelligent Tank Management solution, based on BearingPoint’s reference architecture, allowing for complex business models with many participants, is composed of:
By leveraging key real time operational metrics such as consumptions, events, charges etc., InfonovaGo opens the possibility for process automation businesses to implement new Anything-as-a-Service offerings involving customers, partners and suppliers.
With the ability to get real time insight on multiple metrics, such as temperature, levels and weight of the storage facility (tank) and stored product, the Intelligent Tank Management reference architecture delivers the potential to leverage IoT technology and create innovative services that benefit from such real time business monitoring.
The reference architecture leverages the capability of InfonovaGo to monetize any event from the supply chain on a granular level of consumption and uses the events to create innovative service offerings e.g. Liquid-as-a-Service, Product-as-a-Service etc.
The reference architecture, incorporating InfonovaGo, relies on the real time data collection, analysis and action, offers the flexibility to automate any supply chain process by capturing data, events, consumptions or charges, and gives you the possibility to easily create new service offerings where your revenues and supply costs are aggregated onto a single platform.
With this tank management solution, we are demonstrating how the use of emerging digital technologies such as IoT, cloud, machine learning and predictive analytics are providing real opportunities for any company in the process industry to improve efficiencies and innovate business models to benefit all involved ecosystem partners.
1. Source: IDC FutureScape: Worldwide Manufacturing 2018 Predictions