The Industrial Internet of Things (IIoT) is considered one of the most revolutionary leading technologies of economic growth. Aside from creating new markets through the data of a billion connected devices, it is also slated to accumulate $14 trillion in revenue by the year 2030.
WHAT’S SO GREAT ABOUT THE IIOT?
Nearly 87% of the world’s leading manufacturers believe this revenue will create a deluge of new jobs, and anyone worrying about the prospects of machine learning does not need to be concerned. Their sentiment is that while machines will undoubtedly adapt and take hold of global processes, there will always be humans in the wings to govern operations.
THE IIOT CAN DO SO MUCH MORE
This is just one of the many benefits the IIoT offers, but perhaps even more exciting is its ability to lower industrial operation expenses. Running a factory or manufacturing plant can be exceedingly costly; between maintenance and routine inspections alone, manufacturers are shelling out huge chunks to settle for temporary solutions. This is where the IIoT gradually enters. Though talked about in previous posts, the IIoT introduces factories to predictive asset analytics, which reduces unscheduled downtime and maintenance costs. The process allows customers and businesses to tackle issues before they can even occur, ensuring equipment stays stable and running well into the future. Maintenance is changed from a reactive to proactive status, so company operations can always stay ahead of the game.
THE ROOTS OF IIOT
The bread-and-butter of any IIoT application is its ability to connect manufacturing equipment through sensors, thereby improving several factors of one’s operations, such as performance, safety, reliability, and energy efficiency. Data is collected from these sensors and turned into what’s called “actionable information,” which is then used to discover anomalies in current processes and improve their speeds. The information is handed over to a personnel manager or IT staffer who can get to work on making the necessary changes.
LET’S DIG DEEPER…
But these are simply “surface tactics,” and any expert will tell you the IIoT can travel beyond what’s easily visible to find hidden points, points for creating business plans to improve operations and company relationships. For one thing, the IIoT re-imagines industry models. This requires companies to redesign their structures and processes so manufacturers, for example, may be required to decentralize operations like 3D-printing to bring products closer to customers or make them more accessible.
TOUCH UP SECURITY
Data collected is also used for security purposes, ensuring a company stays protected and safe throughout most of its life. More stability in security means less money spent on precautionary tactics, thus leading to a higher balance in the bank. Businesses can also share information through secure networks, so data is not lost in the cloud, hacked or stolen. This strengthens current relationships and leads to new ones, heightening a factory’s chances at earning profits. Lastly, data can be used to place more decision-making power in the “hands” of machines, reducing the possibility of human errors or botched business procedures and saving manufacturers lots of money in the end.
The IIoT brings a level of efficiency to manufacturing that is both unrivaled and unseen. With such unprecedented potential, our global economy can not only heal from the damage it’s faced over the last nine years; it can reach a level of growth and prosperity never seen in the industrial realm.