Today, Oracle announced that it has enhanced its’ Oracle Internet of Things (IoT) Cloud Applications offering with built in built-in artificial intelligence (AI) and machine learning to support digital twin and digital thread capabilities for supply chain management
“IoT holds the potential to transform today’s siloed operations into a modern, interconnected, digital set of workflows with real-time visibility and responsiveness,” said Bhagat Nainani, group vice president, IoT Applications at Oracle. “By receiving real-time data streams enhanced with predictive insights, they can reach new levels of intelligence and a much quicker realization of ROI.”
Image courtesy: Oracle
Built-in AI and machine learning lets the system combine machine data and business data from applications (including manufacturing, maintenance, service, and logistics) to perform operational analytics to predict equipment failures and maximize effectiveness of applications. Using the Digital Twin feature, users can access a digital representation of a physical asset or equipment and view information about the real-world equipment in a variety of ways (current, historical, and predictive). The Digital Thread capability, meanwhile, is a connected business process framework that uses data culled from connected devices to bring together information from a variety of supply chain system, including supply chain management (SCM) and enterprise resource management (ERP).
“These applications are ready to use out of the box,” Nainani told EBN. “The main goal is to accelerate IoT deployments and keep maintenance costs down. We have lowered the bar because you don’t need to hire a data scientist to do this work. We have heard from some customers that deployment is two to three times faster.”
As a part of the announcement, the company has also tripled the number of device and systems integration partners in its IoT application ecosystem. Using data culled from connected devices, companies can increase visibility into operations and achieve predictive insights to enhance deployment times and reduce costs. In addition, the company introduced new industry solutions for digital field service, smart connected factories, and digital fleet management.
Image courtesy: Oracle
As part of the strategy, Mitsubishi Electric Corp. also announced that it is collaborating with Oracle to develop an Internet of Things (IoT) FA-IT Open Platform for smart manufacturing. Using it, vendors can create specialized manufacturing applications to work on Oracle’s platform. “Our e-F@ctory concept for integrated automation reduces the total cost of developing, producing and maintaining products,” said Toshiya Takahashi, corporate executive group senior vice president, factory automation system at Mitsubishi Electric. “The new FA-IT Open Platform is based on edge computing to accelerate IoT utilization for smart manufacturing.”
Customers can choose to use Oracle Oracle IoT Cloud as either software-as-a-service (SaaS) applications or a platform-as-a-service (PaaS).
— Hailey Lynne McKeefry, Editor in Chief, EBN