Value Proposition for Smart Retrofit Solutions

Abstract

Smart retrofitting can include automation, simulation, data collection and optimization of manufacturing processes. It is strongly coupled with the concept of Industrial Internet of Things (IIoT). The adoption of smart retrofitting in manufacturing is found to be modest despite their benefits. Lack of structured value proposition approach by application is suspected as one of the major reasons for lower adoption. This paper provides a value proposition matrix and applies the same to ten low-hanging fruit smart retrofit applications. This would provide a framework for understanding the full value a smart retrofit applications can provide. The matrix can also be used to rank the smart retrofit solutions.