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 areas:
- Vastly improved operational efficiency (e.g., improved uptime, asset utilization) through predictive maintenance and remote management
- The emergence of an outcome economy, fuelled by software-driven services; innovations in hardware; and the increased visibility into products, processes, customers and partners
- New connected ecosystems, coalescing around software platforms that blur traditional industry boundaries
- Collaboration between humans and machines, which will result in unprecedented levels of productivity and more engaging work experiences
As the Industrial Internet of Things (IIoT) gains broader adoption, businesses will shift from products to outcome-based services, where businesses compete on their ability to deliver measurable results to customers. Such outcomes may range from guaranteed machine uptimes on factory floors, to actual amounts of energy savings in commercial buildings, to guaranteed crop yields from a specific parcel of farmland.
“Industrial Internet of Things is the core of this digital economy. Its adoption and resulting predicting capability will drive the new growth paradigm for every business.” Natarajan Chandrasekaran, Chief Executive Officer and Managing Director, Tata Consultancy Services
Delivering such outcomes will require new levels of collaboration across an ecosystem of business partners, bringing together players that combine their products and services to meet customer needs. Software platforms will emerge that will better facilitate data capture, aggregation and exchange across the ecosystem. They will help create, distribute and monetize new products and services at unprecedented speed and scale. The big winners will be platform owners and partners who can harness the network effect inherent in these new digital business models to create new kinds of value. For instance, Patterns7tech IoT platform supports a wide range of connected devices that can all contribute floor level machine data to improve operational efficiency and economic outcomes of Siras Engineering,India.
Industrial Internet of Things (IIoT) will drive growth in productivity by presenting new opportunities for people to upgrade skills and take on new types of jobs that will be created. An overwhelming majority of executives we surveyed believe that the growing use of “digital labour” in the form of smart sensors, intelligent assistants and robots will transform the skills mix and focus of tomorrow’s workforce.
Patterns7 Technologies Pvt Ltd is Software Development Company based in India and United Kingdom. The world is changing so fast that it is becoming increasingly difficult to plan ahead. We use Innovative Solutions to help businesses to get ready for the future by providing Innovative Technology Services. With deep and wide experience in providing end-to-end solution we are helping our clients to deliver Value.
We help manufacturing companies to get real-time data, remote monitoring and predictive maintenance to improve their operational efficiency and economic outcome with the help of patterns7tech IoT platform.
If you have any specific requirement of getting real time data for specific parameters at machine level, remote monitoring ,predictive maintenance OR if you are looking to increase productivity, operational efficiency of your plant we can help you to implement this type of solution.You can reach us by following channels.
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