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Systems 2017, 5(1), 4; doi:10.3390/systems5010004

Case Study for the Return on Investment of Internet of Things Using Agent-Based Modelling and Data Science

1
Department of Aeronautics, Imperial College London, South Kensington Campus, London SW7 2AZ, UK
2
Amey Strategic Consulting and Technology, 10 Furnival Street, London EC4A 1AB, UK
*
Author to whom correspondence should be addressed.
Academic Editor: Ockie Bosch
Received: 25 October 2016 / Revised: 21 December 2016 / Accepted: 12 January 2017 / Published: 25 January 2017
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Abstract

As technology advances towards new paradigms such as the Internet of Things, there is a desire among business leaders for a reliable method to determine the value of supporting these ventures. Traditional simulation and analysis techniques cannot model the complex systems inherent in fields such as infrastructure asset management, or suffer from a lack of data on which to build a prediction. Agent-based modelling, through an integration with data science, presents an attractive simulation method to capture these underlying complexities and provide a solution. The aim of this work is to investigate this integration as a refined process for answering practical business questions. A specific case study is addressed to assess the return on investment of installing condition monitoring sensors on lift assets in a London Underground station. An agent-based model is developed for this purpose, supported by analysis from historical data. The simulation results demonstrate how returns can be achieved and highlight features induced as a result of stochasticity in the model. Suggestions of future research paths are additionally outlined. View Full-Text
Keywords: Internet of Things; infrastructure; asset management; predictive maintenance; agent-based modelling; data science Internet of Things; infrastructure; asset management; predictive maintenance; agent-based modelling; data science
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This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. (CC BY 4.0).

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MDPI and ACS Style

Houston, C.; Gooberman-Hill, S.; Mathie, R.; Kennedy, A.; Li, Y.; Baiz, P. Case Study for the Return on Investment of Internet of Things Using Agent-Based Modelling and Data Science. Systems 2017, 5, 4.

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