Industrial Internet of Things (IIoT)

The Industrial Internet of Things (IIoT) is the latest wave of technological change will transform companies and countries opening up a new era of economic growth and competitiveness. We see a future where the intersection of people, data and intelligent machines will have far-reaching impacts on the productivity, efficiency and operations of industries around the world. It will bring unprecedented opportunities to business and society. It will combine the global reach of the Internet with a new ability to directly control the physical world, including the machines, factories and infrastructure that define the modern landscape.   However, like the Internet was in the late 1990s, the Industrial Internet of Things is currently in its early stages. Many important questions remain, including how it will impact existing industries, value chains, business models and workforces, and what actions business and government leaders need to take now to ensure long-term success. According to WEF USA Industrial Internet Report Industrial Internet of Things (IIoT) will change the basis of competition, redraw industry boundaries and create a new wave of disruptive companies, just as the current Internet has given rise to Amazon, Google and Netflix. However, the vast majority of organizations are still struggling to understand the implications of the Industrial Internet on their businesses and industries. For these organizations, the risks of moving too slowly are real. Opportunities and benefits The industry disruption will come from new value creation made possible by massive volumes of data from connected products, and the increased ability to make automated decisions and take actions in real time. The key business opportunities will be found in four major...