IoT Technologies Will Improve Industrial Risk Management

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Executive Summary

This report provides risk managers across engineering, maintenance and safety teams with an overview of the future role that Internet of Things (IoT) technologies will play in shaping new industrial risk management frameworks. These digital technologies have the potential to mitigate industrial risks in a field that has ample room for improvement, as recent industrial disasters have shown. While these technologies are still in a nascent stage of deployment, some early success stories have emerged that show how they can reduce risk and maintenance costs while keeping industrial assets up and running longer.

Table of contents

IoT Technologies Will Overcome Intractable Risks
Industrial Risk Management Has Ample Scope For Improvement
Digital Technologies Have The Potential To Deliver A New Industrial Risk Management Framework
Success Stories Point To The Viability Of An IoT Strategy For Industrial Risk Management

Organisations mentioned

Akselos, ArcelorMittal Mining, BASF, CRH Americas Materials, Enablon, Ericsson, Essar Oil, eVision, GE Digital, Gerdau, GOARC, Guardhat, Hexagon, IBM, Ingenu, j5 International, Končar Inem, Lloyd’s Register, Marathon Oil, Montreal, Maine and Atlantic Railway, Network Rail, OSIsoft, Pacific Gas & Electric, Petrotechnics, Royal Dutch Shell, Rui Hai International Logistics, Samarco, Sphera, United Kingdom Health & Safety Executive, Vale.

About the authors

Dennis Callaghan

Principal Analyst

Dennis is a Principal Analyst at Verdantix, contributing to both the Operational Excellence and Smart Buildings practices. His current research agenda focuses on covering asset performance management technologies across both industrial and smart buildings use cases, including Internet of Things monitoring and data analysis. Dennis has over 10 years’ experience in industry research and strategy. He previously worked at 451 Research, where he led that firm’s coverage of application performance management and IT service and asset management technologies. He has written about technology as a journalist, industry analyst or marketer for more than 20 years. Dennis holds a BA in journalism from Duquesne University.

David Metcalfe

CEO

David co-founded Verdantix in 2008 and leads the firm’s research and advisory work on the digitization of Operational Excellence which covers software, systems integration, wearables and drones. Prior to founding Verdantix, David was a Senior Vice President at Forrester Research and Head of Analysis and Forecasting for BT. He holds a PhD from Cambridge University in Game Theory and Decision Analysis and worked as a Research Associate at the Harvard Business School.

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