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Japan : Development of IoT-Based Equipment Operation Visualization Service and Investigation of Possibilities for New Financial Services.

Three companies, namely Sumitomo Mitsui Financial Group, Sumitomo Mitsui Finance & Leasing Co., Ltd., and Sumitomo Corporation have begun investigating the possibility of developing an IoT-based equipment operation visualization service and utilizing equipment operation data in the financial field.

The equipment operation visualization service makes it possible to provide detailed information of equipment which have already been installed in a company by attaching additional sensors to those equipment, which would contribute to management of asset of the company in a more sophisticated way, such as grasping efficiency in equipment operation, optimization of owned equipment and enhancing procurement method.

The three partners have already conducted empirical testing with forklift trucks and measurement instruments based on a preliminary survey. By analyzing the data obtained from the sensors, it was confirmed that it would be possible to remotely monitor the operating/non-operating time of equipment, to detect irregularities, etc. The sensors utilized for the empirical testing were developed utilizing a secure communications module and IoT platform supplied by a Silicon Valley startup, Afero, Inc. (in which Presidio Ventures, Inc., a U.S. investment subsidiary of SC, holds a stake).

SMFG led the design of the IoT-based business model and the analysis of data obtained from the sensors, while SMFL and SC selected/developed the IoT devices, selected the target equipment, and performed the empirical testing.

The three partners will proceed to develop the equipment operation visualization service with making specific proposals to customers and expanding the number of companies involved in the project as well as the range of target equipment. Furthermore, the three partners will be engaged in developing IoT based FinTech service such as sharing business, the new leasing scheme and advanced credit scoring, etc. with sophisticating IoT utilization and expanding applications of equipment operation data.

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Publication:Mena Report
Date:Apr 13, 2017
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