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Main Title: Smart electric motor: Evaluation of business potential for digitalisation in the large electric motor industry
Author(s): Costello, Timothy Joe
Strunz, Kai
Müller‐Kirchenbauer, Joachim
Type: Article
Language Code: en
Abstract: Digitalisation is seen to have contributed to the demise of 50% of the Fortune 500 companies since 2000. The large electric motor segment is not immune to this changing business landscape and must evolve to survive. This sector is experiencing declining revenues as traditional hardware‐sales‐focused business models have proved inadequate to address a reduction in profitability. New business models that exploit new digital value streams are to leverage the value from emerging technologies of the Industrial Internet of Things, Big Data and the associated emerging predictive analytics. These can be optimised via Cloud Computing and delivered utilising Platform as a Service software solutions to reduce cost and support scalability. The missing link in the justification chain for the installation of digitalisation packages on large electric motors is a model to determine if and which package sections return the most customer value and, therefore, sales opportunities for the supplier. In this context, this paper introduces the concept of the smart electric motor. The focus is on the oil and gas industry, where digitalisation is already deeply engrained in practice and shows how risk‐based decisions can deliver a profitable project through new business models and digitalised solutions to reinvigorate this traditional industry.
Issue Date: 28-Jan-2021
Date Available: 15-Apr-2021
DDC Class: 620 Ingenieurwissenschaften und zugeordnete Tätigkeiten
Subject(s): electric motor industry
business models
Sponsor/Funder: TU Berlin, Open-Access-Mittel – 2021
Journal Title: The Journal of Engineering
Publisher: Wiley
Publisher Place: New York, NY
Volume: 2021
Issue: 14
Publisher DOI: 10.1049/tje2.12008
Page Start: 25
Page End: 36
EISSN: 2051-3305
Appears in Collections:FG Energieversorgungsnetze und Integration Erneuerbarer Energien (SENSE) » Publications

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