Today, the word “Industrial Internet of Things” is becoming increasingly popular in the sense of industry as digitalization for many organizations has become a business priority. So, let’s look more at the Industrial Internet of Things.
What is the Industrial Internet of Things?
The Industrial Internet of Things (IIoT), also referred to as the Industrial Internet, combines smart machines, state-of-the-art analytics, and people at work. It is a network of a broad range of industrial devices linked by communication technologies, resulting in systems capable of tracking, storing, sharing, testing, and delivering useful new insights as never before. These insights will then assist manufacturing companies with smarter, quicker business decisions.
IIoT is transforming the way commercial business works every day. Whether it enables predictive analytics to detect corrosion within a refining pipe, to provide production data in real-time to detect an additional capacity in a factory or to speed up the creation of new products by refilling operations and service data back into the product design process, IIoT – and its powerful software solutions – produces powerful business results.
By integrating connectivity from machine to machine with industry big data analytics, IIoT achieves unprecedented efficiencies, and performance levels. Industrial businesses are therefore experiencing transforming organizational and financial benefits in original equipment manufacturing, chemicals, food and beverage, automobile, steel, and many other sectors.
Advantages of Industrial IoT
The industrial Internet of Things has many benefits, some of which are listed below:
• Increase efficiency
• Predictive & Proactive maintenance
• Real-Time Monitoring
• Asset/Resource Optimization
• Remote Diagnosis
• Reduce errors
• Improve safety
• Reduce costs
Key drivers of Industrial IOT
Technology: It is a key driver for the Industrial Internet. Technology such as Smart Sensors, Robotics & Automation, AR/VR, Big Data Analytics, Cloud Integration, Software applications, Mobile, Low power hardware devices, etc.
Customer Behavior: The advantage which IIoT gives organizations over their competitor allows them to increase customer loyalty and retention by value addition.
Macro-Economic Drivers: Government policies like Industry 4.0, Smart Factories, Make in India, Make In China 2025 & Smart Cities, Japan’s Industrial Value Chain Initiative Forum, Support of Green initiatives, Rising Energy & crude oil prices, Favorable FDI policies, Policies by regulatory bodies, etc. works totally in favor of the IIoT evolution.
Why Industrial Internet of Things is the magic wand for the Economy
New technology’s endless advances have added a massive “Next Big Thing” list. But not all emerging innovations have the ability to break the corporate and social landscape. According to McKinsey Global Institute, IIOT is one of the important technologies that can create economic transformations. McKinsey projected that the possible economic effect of IoT by 2025 would be as high as $6.2 trillion. It can also improve productivity to $36 trillion and operating costs across many sectors, including agriculture, healthcare, and mining.
Moreover, Gartner’s Strategic Planning Assumptions says that by 2025, 50% of industrial enterprises will use industrial Internet of Things (IIoT) platforms to improve factory operations, up from 10% in 2020. Not only that, through 2025, 25% of large global industrial enterprises will acquire or invest in an IIoT platform company; up from 5% in 2020. (source- Gartner Magic Quadrant)
The Industrial Internet of Things vs. Internet of Things
One view is that the Industrial IoT is a connecting device in the industry like oil & gas, energy, and health industries, where more is at stake or where system failures, as well as unplanned downtime, can cause life-threatening or high-risk situations. The Internet of Things, on the other hand, appears to include consumer products like health tracking bands or intelligent home appliances. They are usable and can provide convenience but produce no emergency situations if downtime occurs.
The Industrial Internet, for instance, envisages machines that tell operators how to maximize efficiency or detect a malfunction before it happens, potentially saving billions of dollars a year for businesses, while the Internet of Things involves connected refrigerators that can buy more milk and eggs online before they run out.
The sky is the limit when it comes to the potency of IIoT. The volume of critical and valuable insights to be realized and acted upon is limitless as more and more data is generated from increasingly connected machines, systems, and devices.
Challenges and Opportunities
For almost any business and much more for those that rely on universal connectivity, data security is a growing concern. According to the Morgan Stanley/Automation World survey, which states that cybersecurity is a major concern for respondents. Manufacturers are concerned about potential vulnerabilities of the IIoT. IIoT-related cybersecurity is an extensive effort, entailing custom solutions beyond firewalls to protect data.
As per Morgan Stanley, stringent account management and a layered approach from device-level authentication and application security to system-wide assurance, resiliency, and incidence-response models is the key to ensuring that an IIoT process is secure.
Are you ready to accelerate your IIoT journey?
Regardless of where you are on your Industrial Internet journey, Skizzle Tech can help you take the next step. We’re ready to help you maximize your IIoT investments by applying data science and design thinking to blueprinting and solution architecting—and everything in between and beyond.
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