Engineering Smarter Connected Products to Win in the IoT Economy
Semiconductors are powering our smart world — advancing the computing, communicating and sensing technologies that have created the Internet of Things (IoT) and Industry 4.0. Eager to meet demand for a wide range of smart products and applications, industry players are pursuing aggressive merger and acquisition strategies. In 2014, there were 30 mergers valued at $103 billion. Last year, we saw two dozen mergers valued at $98 billion. And we’ve recently learned that Broadcom is making a $103 billion offer to purchase Qualcomm.
In the industrial sector, smart connected products are driving business model transformations as companies seek to improve and monetize their operations and services. Swedish bearing maker SKF, for example, is developing a subscription-based revenue model that relies on the performance of its products. To be successful, SKF will need to develop robust products and implement predictive maintenance and asset performance management systems.
Digital twins will become a critical component in this journey. In a recent post, GE describes how digital twins have effectively reduced unplanned downtime. Power toolmaker Black & Decker also reports that digital twins have helped them improve labor productivity by 12 percent and throughput by 10 percent.
ANSYS Vice President Vic Kulkarni and I will be presenting on smart connected products at the IoT Tech Expo, on Wednesday, Nov. 29. Vic will focus on best practices for designing smart connected products, and cover considerations for chips, printed circuit boards and complete systems: How can we address challenges around balancing power, performance and cost, while meeting tight budget and time requirements? Ensure thermal and structural integrity? Guarantee reliable communication?
In his presentation, Vic will also explore how machine learning and big data can be applied to smart product development. With billions of transistors in ever-shrinking semiconductor devices, artificial intelligence has become a critical tool to speed innovation and increase product reliability.
Later in the day, I will join industry experts from Stratus, DataRPM, Halliburton and Harbor Research for a panel discussion on connected industry. We will be sharing best practices to improve industrial reliability and performance, and discussing how technology can best be employed to ensure field assets are performing at peak efficiency. I will also offer my insights on the importance of simulation-enabled digital twins. For companies looking to develop smart connected products or bring intelligence into their operation, simulation is a best tool for success.
To learn more about what’s possible with engineering simulation and how you can deploy it in your work, please visit us at Booth #63 to gain a firsthand perspective. I invite you to learn more at www.ansys.com/digitalization.
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