A new approach to value creation in transport, manufacturing and power generation
Businesses across transport, energy and manufacturing are under pressure to do more with less. Facing heightened competition, the need to reduce energy usage inefficiencies, calls to address sustainability and the introduction of disruptive technologies, companies are looking for innovative ways to sustain and increase value.
But these are challenges that cannot be addressed through half measures.
With new appointments to the senior management team, a focus on partnerships and an ambitious scale-up strategy, Tribosonics is driving digitalisation for businesses. Here, CTO and Founder, Phil Harper explains how Tribosonics enables digital transformation, IIoT and Industry 4.0 to create value in industrial sectors.
It is often said that data is the new oil, and nowhere is this more true than for industrial sectors. Leveraging data-driven insights and digitalisation of the business model are key to creating value in the long-term against a backdrop of market challenges.
With the introduction of Industry 4.0 and IIoT, digital transformation is coming whether businesses like it or not. But making short-term changes, such as purchasing bolt-on software, is not enough. Businesses must embrace digitalisation at their very core; and adapt to the ‘new normal’ at speed and scale in order to remain competitive.
An Industry 4.0 mindset
Tribosonics’ sensing technology can unlock new kinds of data for industrial applications. As well as increasing the uptime of equipment, reducing operating costs and boosting productivity, the technology allows companies to effectively manage existing risk. This gives businesses room to address digitisation and further leverage powerful insights from their data. In essence, they are freed up to be more innovative.
But even given the space to innovate and embrace change, businesses will benefit from an outside technical perspective to drive and embed digital transformation throughout their organisation. It’s here that our approach can help shape the technology roadmap to effect end-to-end change.
So how do we do it? Simply put, we collaborate with customers to understand their business and requirements, establish how we can integrate and enable value creation from our innovative sensing technology.
The starting point is a conversation with our strategic customers. What is the vision for the business? What are the near and long-term objectives? How can Tribosonics’ technology help the business get there? Unlocking value is a two-way process. Sharing our respective expertise can bring valuable perspectives that kick-start the move from talking about data and Industry 4.0 to embracing and benefiting from it.
This is a process of discovery; bringing together commercial and technical minds to map out solutions within a commercial and value driven framework. Our team uses these insights to build a technology demonstration, followed by a period of development work that leads to packing our technology into a physical delivery mechanism with prototyping, testing and then commercial scale manufacturing and technology roll out.
The commercial elements wrapping around this process will involve elements that may include agreed demonstration and development fees, prototype and product manufacturing/sourcing, technology licensing and “sensing as a service” arrangements.
This new approach is already paying dividends for our strategic partners. Collaborating with businesses to engineer integrated solutions within an agreed commercial framework is unlocking not only long-term value, but driving the step-change that is required to thrive in an Industry 4.0 landscape. With multiple customers at various stages of our engagement and commercial process, we’re excited to be kick-starting the data-driven revolution in transport, manufacturing and power generation.