IIoT Opportunity and
Readiness Evaluation

Assessing Your Readiness for IIoT Integration and Associated Benefits

The IIoT Opportunity and Readiness Evaluation is a tool derived from our extensive expertise, combined with respected standards and best practices.

It's designed to provide a general assessment of your readiness for IIoT adoption and understand the potential opportunities and benefits of incorporating IIoT solutions within your organisation, including leveraging predictive maintenance within an asset health monitoring strategy or Digital Transformation journey.

This 15-question evaluation covers pivotal areas such as Data Management, Operational Efficiency and Sustainability, Financial and Stakeholder Impact, and Technology and Skills.

By engaging with this evaluation, you will not only gauge your current position but also uncover the myriad opportunities that IIoT presents in enhancing asset longevity, optimising maintenance programmes and driving overall operational excellence, typically with a short return on investment (ROI) .

Based on your scores, the tool generates tailored guidance regarding focus areas you should consider to make operational improvements.

You can also compare yourself to your industry peers based on the outcomes of your results.

Whether you are in the mining, manufacturing, oil and gas, renewables, petrochemical or other industry sector, IIoT solutions will provide significant benefits to the performance of your operations when implemented.

Data Management

Frequency of Data Collection

ISO 55000 series and ISO 17359 emphasise the importance of timely and accurate data for effective asset management. ISO 17359 is more specific and focuses on condition monitoring and diagnostics of machines.

How often does your organisation collect data on asset performance?

Please use the Slider to select your score to this question where:

-Quarterly (1)

-Monthly (3)

-Daily (5)

Integration of Data Sources

The ISO 55000 series on asset management, ISO 22400 and the International Society of Automation (ISA) guidelines discuss the importance of data integration for holistic asset management.

How challenging is it to integrate data from different assets and systems in your organisation?

Please use the Slider to select your score to this question where:

-Manual integration taking days (1)

-Manual integration taking hours (3)

-Automated integration within hours or less (5)

Data Accessibility

ISO 55001 stresses the need for accessible data to make informed asset management decisions.

How quickly can your team access asset performance data when needed?

Please use the Slider to select your score to this question where:

-More than eight (8) hours (1)

-Between two (2) and six (6) hours (3)

-Near real-time (5)

Operational Efficiency & Sustainability

Effectiveness of Scheduled Maintenance

ISO 55000 (and formerly PAS 55) and ISO 17359 highlight the significance of maintenance strategies for asset longevity.

To what extent does your current maintenance strategy align with reactive, preventive and predictive measures?

Please use the Slider to select your score to this question where:

-Most Reactive (1)

-Mostly Preventative (3)

-Mostly Predictive (5)

Asset Utilisation

ISO 55000 emphasises a comprehensive approach to asset management and provides guidance on maximising asset utilisation as a part of an integrated asset management system.

Are you able to fully utilise all your assets to their maximum potential as a whole?

Please use the Slider to select your score to this question where:

-Utilisation below 60% (1)

-Utilisation between 60% to 95% (3)

-Utilisation above 95% (5)

Operational Downtime

ISO 14224 provides guidelines on collection and exchange of reliability and maintenance data, emphasising reduced downtime.

How often does your organisation experience operational downtime due to equipment issues or maintenance?

Please use the Slider to select your score to this question where:

-More than once per month (1)

-Occasional unplanned downtimes during the year (3)

-Less than once per year (5)

Response to Asset Failures

ISO 31000, a risk management standard, emphasises timely response to risks, including asset failures.

How quickly can your organisation respond to unexpected asset failures?

Please use the Slider to select your score to this question where:

-More than 24 hours (1)

-Between one (1) hour and 24 hours (3)

-Less than one (1) hour (5)

Environmental and Sustainability Considerations

ISO 14001 outlines requirements for an environmental managed approach that an organisation can use to enhance its environmental performance. ISO 55001 includes sustainability considerations in asset management.

How much emphasis does your organisation place on environmental and sustainability considerations in its normal operation and asset management practices?

Please use the Slider to select your score to this question where:

-Minimal consideration (1)

-Moderate consideration (3)

-High priority and integrated into practices (5)

Financial and Stakeholder Impact

Maintenance Costs

The Total Cost of Ownership (TCO) principle, a key component of asset management best practices, focuses on understanding and reducing overall maintenance costs. ISO 17359, which emphasises condition monitoring that establishes a cost-effective maintenance framework and the principles of ISO 55000 which promote an integrated asset management approach, offer strategies to reduce maintenance costs.

How do you perceive your maintenance costs in relation to your operational budget?

Please use the Slider to select your score to this question where:

-A significant portion of the budget, often exceeds allocations (1)

-Aligns closely with the allocated budget or slightly exceeds (3)

-Well within allocations, often with money left over (5)

Financial Impact of Production Downtime

There are many industry benchmarks on the cost of downtime. ISO 22301 (Business Continuity Management System standard) addresses the importance of understanding and mitigating the financial impact of operational disruptions. This question provides insight into the perceived financial vulnerability of an organisation due to production interruptions.

If you were to lose an hour of production or manufacturing time, what would be the estimated financial impact on your organisation?

Please use the Slider to select your score to this question where:

-> $10,000+ (Significant impact) (1)

-Between $1,000 and $10,000 (Moderate impact) (3)

-< $1,000 (Minimal impact) (5)

Stakeholder Satisfaction

ISO 55000 series highlights stakeholder needs and expectations as a foundational concept in asset management.

How satisfied are key stakeholders with the current asset management processes?

Please use the Slider to select your score to this question where:

-Less than 60% satisfaction rate (1)

-Between 60% to 90% satisfaction rate (3)

-Over 90% satisfaction rate (5)

Technology and Skills

Technology Adoption in Asset Management

ISO 55001 emphasises the importance of technology and data in effective asset management.

How open is your organisation to adopting new technologies and innovations in asset management?

Please use the Slider to select your score to this question where:

-Very resistant to new technologies (1)

-Has tried some new technology with some success (3)

-Actively seeks and adopts new technologies. Digital Transformation is in its strategy (5)

Visibility into Asset Health

The P-F curve (Potential Failure to Functional Failure) is a fundamental concept in asset management and condition monitoring. It illustrates the time between when a failure first becomes detectable (Potential Failure) and when the asset completely fails to perform its intended function (Functional Failure).

How confident are you in your organisation's ability to detect and address potential failures early, ensuring timely intervention before reaching functional failure?

Please use the Slider to select your score to this question where:

-Only detect issues closer to functional failure (1)

-Moderate visibility. Occasionally detect potential issues, but often closer to the point of concern, requiring reactive maintenance at times (3)

-Regularly detect potential failures early, allowing for proactive maintenance (5)

Cybersecurity and Risk Approach

NIST Cybersecurity Framework and IEC 62443 provide an outline for cybersecurity in industrial environments that can be considered for asset management.

How would you rate your organisation's preparedness and risk appetite concerning cybersecurity threats in asset management systems?

Please use the Slider to select your score to this question where:

-Minimally prepared and high risk or Unsure (1)

-Moderately prepared with some established protocols, but areas of vulnerability remain (3)

-Well-prepared and aligned with standards (5)

Skills and Training for Asset Management

ISO 55001 provides guidance on how to manage the lifecycle of assets and ISO 18436 specifically addresses the need for competence, training and awareness in asset management. The ongoing lifecycle management of an organisation's assets effectively is important.

How would you rate the level of training and skills of your team in the area of asset management and predictive maintenance?

Please use the Slider to select your score to this question where:

-Basic training and skills (1)

-Intermediate training with basic knowledge (3)

-Advanced training and skills. Very competent. (5)

Please enter your details to see your results.

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Results of Your Review Based on Your Selection

Outcomes of Your Review

188%

Opportunity

You Can Benefit Significantly By Adopting IIoT in Your Organisation

Key Focus Areas For Improvement

Based on your responses and above outcomes, there are key areas you can focus on to make significant improvements in your asset management, condition monitoring programs and general operational performance.

Below are the three (3) areas to consider. For guidance on other areas that will also improve your asset performance strategies, please reach out to Miniotec via email: info@miniotec.com

Focus Area 1 - HEADING XXX

While

Focus Area 2 - HEADING XXX

While

Focus Area 3 - HEADING XXX

While

Next Steps

Embarking on a journey of continuous improvement requires both reflection and action and navigating the evolving landscape of IIoT readiness in asset management is both a challenge and an opportunity.

Now that you've gained insights into your organisation's current position, the next step is to consider the recommendations outlined. Start by addressing the most pressing areas, collaborate with your teams and consider leveraging advanced tools and technologies that align with your goals such as harnessing the power of IIoT to bridge the gaps identified.

Remember, the path to excellence is iterative and demands consistent effort. Stay committed, stay informed and seize the opportunities that lie ahead to elevate your organisation practices to world-class standards.

Your organisation's future resilience and success depend on the proactive steps you take today. Miniotec is here to support and share the learnings from our ‘Digital Scars’. Let's move forward together!

* 'Average Peer Industry Result' scores are derived from the average of all user's entries in this assessment. These scores will continuously be updated as additional data becomes available.