Guneet Bedi, Senior Vice President of Sales and Business Development
IoT technology has come a long way in shaping how entire industries operate through the efficient aggregation and analysis of zettabytes worth of data to further their business objectives. By the end of the year, 30 billion IoT devices will generate over 40% of industrial data worldwide.
Organizations can quickly get overwhelmed when choosing the right solutions that align with their expected business outcomes. Relayr, a Munich RE company, is an industrial IoT (IIoT) technology and business solutions provider that helps industrial businesses find the right solution and accelerate their digital transformation initiatives.
As a pioneer in designing IIoT solutions, relayr brings together critical elements of financing and insurance that allow organizations to achieve their goals while minimizing budgetary risk in their IIoT ventures. The company’s approach to solving its clients’ issues begins with determining desired business outcomes together. “Once you start with the outcome, you understand where the problem lies and the processes that need to be digitally transformed,” says Guneet Bedi, Senior Vice President of Sales and Business Development at relayr.
Once the issue is identified, relayr deploys its team of 300+ experts and an ecosystem of technology partners skilled in developing commercial solutions with connected machinery coupled with AI and machine learning to solve the problem.
However, what is almost exclusive to relayr’s project implementations are the risk assessment and mitigations aspects incorporated into the IIoT solutions. Relayr improves business outcomes by enabling companies to shift from capital expenses (CAPEX) to operational expenditures (OPEX) via data insights from existing equipment and production lines.
While the migration from CAPEX to OPEX models involves complex financial procedures, relayr can help identify and provide the right financial packages and risk mitigation strategies that suit each IIoT solution.
Our focus on helping clients achieve their business outcome, coupled with our financing and insurance packages, allows manufacturers to rest easy during their IIoT transformation
The company’s expanding partner ecosystem allows clients to benefit from an extensive portfolio of technological, financial, and insurance industry expertise.
Relayr also provides equipment servicing and monitoring to allow workers to manage virtually unlimited machines in multiple locations. The scalable technology leads to less unplanned downtime, decreased labor costs, and additional revenue streams throughout the equipment’s lifecycle.
Taking the mining industry as an example, Bedi says: “Data should be utilized in a way that guarantees uptime between maintenance trips and predicts equipment downtime accurately.” This approach allows clients to create fixed maintenance budgets that quickly translates into their companies, saving millions of dollars (10%+) in costs over scheduled maintenance.
Bedi mentions a case study highlighting how relayr’s solutions not only ensure cost savings for the client but also helped build its brand image. As renewable energy is sought after as a sustainable solution to fossil fuels, QINOUS—an energy storage solution provider—needed a redesign of its energy storage solutions to realize a longer lifecycle that, in turn, reduced disposal rates.
Harnessing relayr’s IIoT expertise, QINOUS gained data insights that could extend its product lifecycle by an excess of 50%. With end-to-end data tracking functions, relayr also provided a performance guarantee to the client’s consumers. By joining forces with relayr, QINOUS consistently achieves its goals of high systems visibility and reliability through their partner’s data tracking and predictive maintenance services.
“Our focus on helping clients achieve their business outcome, coupled with our financing and insurance packages, allows manufacturers to rest easy during their IIoT transformation,” adds Bedi. To make this transformation more holistic, relayr’s solution implementations connect customers to a partner network that acts as a guide in their digitalization journey.
With a motto of sharing success, relayr doesn’t have standard prices on their products. Instead, the company works on the principle of monetizing its success only if its clients are unbeaten in their endeavors.