COREIoT: Competing on value via collaboration
AMGC member COREIoT is on a mission to become the globally-recognised collaborative partner for industrial businesses looking to improve their operations with Internet of Things (IoT) technology.
Established in 2014, COREIoT’s advanced IoT solutions are designed to help businesses leverage wireless sensor technology and machine learning capabilities to improve equipment performance, asset utilisation, workforce productivity and safety, and maintenance processes.
COREIoT boasts a highly dedicated team of technology, software and product professionals bringing solutions to Australia through their Perth headquarters.
According to COREIoT Managing Director, Nisarg Shah, “We are a local technology business, and we have a vision to become a global player in the IoT market. To do so, we are making advanced IoT technology much more accessible. The major barriers to the uptake of this type of technology are that it is expensive and there so many unknowns – we are on a mission to make things simpler.”
Rapid Innovation at a Low Cost
COREIoT delivers turnkey, plug and play solutions that are simple, and easy-to-use. One of the reasons that their solutions are so simple, and yet so effective, is because COREIoT has worked closely with industry in developing them.
COREIoT focuses on collaboration to build products that work ‘out of the box’, minimising the need for expensive, custom solution development and implementation projects.
“The idea is that a simple, well-sorted solution will do the job and deliver results in more instances than you might think. Our approach ‘commoditises’ access to this powerful technology, within appropriate boundaries and applications,” said Shah.
“Can a sophisticated industrial business use simple commoditised solutions to address real business problems? COREIoT’s experience is that it definitely can. Complexity and cost are not lead indicators of value.”
Just one example of this type of approach is COREIoT’s work with a leading mining business in Western Australia. “Our client wanted to use IoT technology and sensors to address multiple business challenges around mine safety and maintenance. One of the biggest challenges that they faced was finding the right technology partner that could offer affordable and simple to deploy solutions, particularly as they didn’t have the expertise in-house,” explained Shah.
“We came together to collaborate on a joint innovation to develop a simple turnkey product that proved to be a repeatable and scalable solution they could use throughout their business. The client contributed their in-depth knowledge and experience of the mining sector and their business challenges, and we contributed our technology expertise. We were able to create a joint value proposition that enabled our client to innovate rapidly at low cost and address a problem that they had been looking to solve for quite a few years.”
“This IoT solution is now running in a Western Australia mine site, improving the health and safety of the workforce through better utilisation of their PPE. It has helped our client make their operations safer, reduce lost production costs, and improve efficiencies,” said Shah.
Cross-Industry Collaboration For a Competitive Edge
“Collaboration is more important now than ever before. As a nation, we have some tremendous expertise, which can be put to great use in the manufacturing industry on a global scale. But, at the same time, Australia faces some challenges. We have high labour costs and high energy costs. So it is vital that we leverage the power of technology to overcome these challenges, to remove repetitive tasks and unnecessary costs. These are areas where manufacturing and other industrial companies can collaborate with tech companies to produce great outcomes for collaborators and wider industry at large.”
“This type of cross-company and cross-industry innovation will help manufacturers improve their margins and retain their competitive edge within the global market.”
“Australia needs to compete on value. Collaborative innovation to develop easy-to-use, scalable solutions, that leverage affordable but impactful IoT technology is a great way to do this. So long as you can demonstrate a positive return on investment—the customer can see the value in your product and the value of the approach”.
“Competing on value is a sustainable business model. Competing on cost only is perilous. Australia must leverage its competitive advantage, which is knowledge, expertise, and the ability to innovate together,” said Shah.