Industrial Internet of Things: The Magic Wand That Can Change the Future Economy

The Industrial Internet of Things is transforming the way the industry works. Just like IoT, the IIoT covers a wide variety of cases, apps, and industries. Initially, the primal focus of IIOT was on the optimization of operational productivity and automation.  Since then, IIoT has helped early adopters by identifying the cut-throat advantages and new business models which have led towards cost-effectiveness, improved customer support system, and better revenue numbers. It combines different modern technologies such as big data, machine to machine communication, machine learning and automation with the existing technologies within the industry.

IIoT, also known as the Industrial Internet, is an amalgamation of the information and operational department of the industry. Thereby, boosting the rate of productivity, curbing down the current complex processes and radically improving the visibility of the industry. To sum it up, Industrial Internet is a revamped manufacturing strategy that has helped an industry to improve its security, productivity, and quality. It is predicted that the Industrial Internet could add a staggering amount of $14.2 trillion to the global domestic product by the year 2030.

IIOT offers a varied range of advantages that one can get when opting for it. Some of them are –

Predictive Maintenance Efficacy

Currently, most companies within the industrial sector have a hands-on approach towards the failure of equipment. In case of any falter or breakage, they go out to fix the issue themselves but with the implementation of sensors in the manufacturing equipment and combining them with software, grants companies the opportunity to predict any emerging failures in the equipment. This provides an unmatched advantage to the IIOT adopting companies as they would be able to identify and fix any issues at an early phase before it translates into a bigger one. With a predictive maintenance system, operators have the scope of keeping a record of the equipment’s performances and its conditions, accumulating and analyzing those data, and usage of those information to efficiently manage the application.

Real-Time Monitoring of Data

Besides the use of predictive maintenance, companies are also using sensors to track or monitor real-time data. With the connected automation equipment in place, it provides operational managers with the ability to gain insights about the performance of those devices, and extract relevant data for analytical purposes. Previously, it was extremely difficult or not worth the effort for the companies to compute this meaningful information. However, with the help of modern technology, grabbing hold of these data is not as difficult as it was before.

Higher Operational Efficiency

By accessing the data through sensors and automated equipment, it enables operators to use predictive maintenance methods with remote management that inversely improves the operational efficiency. With the help of real-time performance analytics, operational managers can strategically schedule the maintenance of the systems instead of doing continual and regular maintenance. An IIoT-enabled application promptly reduces the overhead cost of a company incurred in system maintenance operations.

Challenges Ahead for the Industrial IoT

The Industrial Internet of Things has been designed to manage the vital machinery or equipment of the company that may lead to a system failure in the future. The time taken for a message to travel across a network of workers is a critical area that should be considered upon implementing IIoT.

Communication between devices located hundreds of miles apart is another challenge for the global companies adopting IIoT. Additionally, to meet the growing demands and requirements of the future industries, IIoT should expand and revamp within the coming decades.

The Future Ahead for the Industrial IoT

The estimated number of $14.2 trillion that it could add to the global economy by the year 2030 can be increased even higher if companies take a bolder approach of making higher investments in innovation and technology than what they are doing now.

Although the progressive companies of today are already among the many to adopt the Industrial Internet of Things, most businesses are not yet equipped to take the plunge and pull the trigger. A survey conducted by the Accenture group found out that out of 1400 imminent business leaders only one-third of them understand the positive implications of IIoT.

Businesses that have applied for the Industrial IoT into their scheme of things have observed powerful results with a considerable reduction in the operational overhead, improved worker safety, and higher revenue outcome. This transformation in business will have noticeable implications upon the workforce with IIoT’s digitalization of the job market that has until now resisted automation. In future, IIoT will lead us towards more job opportunities, provide much more engaging work, prevention from cyber threats and create a spontaneous and responsive workplace environment.

There have been countless technological advancements in the recent past that has been billed as the “Next Big Thing” in the tech arena. But only a few within those evolving technologies have the potential to break through the business landscape, and thankfully Industrial IoT is one among them.

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