Oracle unveiled new Industry 4.0 capabilities for Oracle Internet of Things (IoT) Cloud, within the framework of the Modern Finance Experience 2018, thus empowering modern companies to improve intelligence in production and capacity of response to the market.
With advanced monitoring and analytics capabilities, augmented reality, machine vision, digital twins and data science, Oracle’s IoT Cloud enables organizations to achieve significant insights into the performance of assets, machines, workers and vehicles so they can optimize its supply chain, manufacturing and logistics, reduce the time to market for new products and allow new business models. In other words, it allows them to improve efficiency, reduce costs and identify new sources of income in real time.
According to The Economist Intelligence Unit, 63% of manufacturers have undergone a substantial digital transformation or are in the process of transforming parts of their organization and 19% are developing transformation strategies. If they want to stay competitive in the modern economy, companies must take advantage of new technologies and data to modernize their supply chains and improve visibility, predictive perspectives and automation through connected workflows.
Oracle’s IoT Cloud enables companies to monitor capital-intensive assets to reduce downtime and servicing costs, and track utilization for accurate lifecycle insights and asset depreciation data, which improves enterprise procurement efficiency. The rich poll of data created by sensors within products allows organizations to offer their products as a service, gain insight into how customers are using their products and offer improved value-added services that drive new sources of revenue.