While the Industrial IoT era is already redefining manufacturing, its benefits to business and society are only just beginning. Did you know…
- Businesses are on track to have 3.1 billion connected devices this year.
- 2.6 million industrial robots are expected to be working in factories by 2019.
- Analysts estimate IIoT could add US$14.2 trillion to the global economy by 2030.
With the latest wave of artificial intelligence (AI) driving IIoT, manufacturers will shift to outcome-based services to create new levels of competitiveness as customers require measurable results from the products they buy. Your operations will need to be forward-thinking, responsive, accurate and reliable to compete in this scenario. How will you get there? By getting more value from your data.
The Opportunity Lies in Your Data
Some people are calling data the new currency. Powered by AI, analytics, and algorithms, IIoT is unleashing data-driven insights across the manufacturing value chain. It’s this huge amount of data generated by connected machines that hold the real value of IIoT. Data sent from machine sensors can be used to detect impending machine failures and product quality issues in real time. It can also predict outcomes and inform the supply chain about demand for aftermarket parts.
A World Economic Forum report identified key areas of opportunity enabled by data derived from the IIoT:
- Vastly improved operational efficiency, such as improved uptime and asset utilization, through predictive maintenance and remote management.
- The emergence of an outcome economy fueled 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.
This article was originally published at – Hitachi Vantara Community