Software firm PTC has partnered with advisory firm EY to facilitate industry innovation and promote the adoption of the Internet of Things (IoT) with its customers, based on its industrial IoT platform ThingWorx.

The collaboration will see the co-creation of IoT solutions to enable manufacturers to improve end-to-end product lifecycle management (PLM), including such functions as requirements management, product design, production, operations, and service. The solutions are expected to be offered to a number of industries.

PTC and EY are long-time collaborators, having completed a variety of IoT and PLM solution projects. As part of PTC's global ecosystem, EY will have access to PTC platforms and solutions, which will serve to support its experience in supply chain and operations, IoT and Industrie 4.0, product lifecycle management, data analysis, cybersecurity, and business transformation.

"Most companies lose contact with their products once they have left the factory floor," says Dr. Christoph Kilger, EY advisory partner. "However, one must think in terms of a holistic process where operational data is collected to improve the product and maximise customer value. PTC's IoT solutions enable end-to-end lifecycle management in an easy and user-friendly way. EY will contribute its knowledge and skills to help companies create smart manufacturing systems that enable them to adopt new business models and optimise current systems and processes."

Catherine Kniker, chief revenue officer, platform group, PTC, adds: "Expanding our global ecosystem to include renowned advisors like EY is one of the most effective ways PTC can bring its technology to a broad range of new customers and industries. With its bandwidth and vast services portfolio, EY is an important collaborator as we continue to focus on developing and marketing innovative IoT solutions."