2 Jul 2017, 09:05 — 4 min read
The Internet of Things will bring about some extraordinary and exceptional changes to business and society with its ability to to directly control the physical world globally. Machines, factories and the infrastructure would all be included in the web of what will be the Industrial Internet of Things.
According to research, it is believed that the Industrial Internet is an ever-changing process which will change the basis of competition, redraw industry boundaries, and develop a new stream of disruptive companies. As the industrial internet achieves broader adoption, businesses will deviate from products to outcome-based services where businesses compete on their ability to deliver significant solution to customers which again may vary from guaranteed up-times on factory floors, to actual amounts of energy savings in commercial buildings, to guaranteed crop yields from a specific parcel of farmland.
Other research shows that the Industrial Internet will accelerate growth in productivity by presenting new opportunities for people to upgrade skills and take on new types of jobs never seen before such as medical robot designers and grid optimisation engineers. The IIoT will be instrumental in increasing the number of workers thereby securing their jobs, all while making business more productive, flexible as well as engaging.
Basically, the Industrial IoT is a means to improve operational efficiency. In recent times, companies can benefit by discerning it as a tool for finding growth in unexpected opportunities. IIoT is also used by companies to capture new growth by increasing revenues by boosting production and creating new hybrid business models, exploiting intelligent technologies to fuel innovation as well as transforming their workforce.
The Industrial IoT improves connectivity, efficiency, scalability, provides time as well as cost savings for industrial organisations. The companies benefit from IIoT through cost savings due to predictive maintenance, improved safety and other operational efficiencies. Its intelligent network devices authorise industrial organisations to break open data silos and connect data and processes from the factory floor to the executive offices. It is also beneficial for business leaders to get a full and accurate view about their business functions.
Ultimately, those businesses that have included Industrial IoT have made remarkable improvements to safety, efficiency as well as profitability.
Lastly, the most important aspect about the industrial internet is its reliability when compared to the current system of using digital products and services. The industrial internet, with its 'maximum effort' approach, will provide better performance for e-commerce, manufacturing or even human interactions.
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