Industrial Internet of Things (IIoT), sometimes referred to as M2M (machine-to-machine) is one of the most effective automation technologies and has been progressing at a rapid pace of late. It is touted as the next industrial revolution. IIoT is a network of intelligent computers, machines, sensors, software, and devices that collect and share huge amounts of data.
The driving philosophy for the IIoT is that smart machines work better than humans in terms of accuracy, consistently capturing and communicating data. The benefits of IIoT implementation in the manufacturing sector are limitless:
- IIoT has demonstrated great potential in streamlining quality control, supply chain traceability, and overall operational efficiencies.
- The collection of a huge amount of data helps businesses locate inefficiencies quickly, thus saving time and resources.
- IIoT helps industries optimize inventory, track assets, and in predictive and proactive maintenance.
- Real-time data monitoring is a great benefit of this technology.
- This technology helps the consumer by delivering better products and services.
Leading manufacturers are already investing in IIoT solutions and are reaping the benefits. Many other manufacturers in the automotive space and beyond are implementing IIoT concepts to create automated and seamless transactions.
Here are some points on how manufacturers can implement IIoT to adapt to the changing times:
- Manufacturers should be ready to change their information infrastructure to smart infrastructure that interfaces with mobile devices, products, and people to enable more efficient manufacturing of goods.
- Design new business models or on IoT vision tailored to the organization. Evaluate ROI, efficiency, savings, and product differentiation.
- Design a blueprint for your organization's connected ecosystem, including suppliers, dealers, connected workforce, and partners.
- Communicate with all stakeholders to solicit feedback on touch points and its potential benefits.
- Focus on application development and infrastructure by deciding a common approach to development and deployment across multiple devices.
- Rapid deployment with small, step-by-step implementation, monitoring, and modification planning.
- Businesses have to remove obstacles in order to successfully adopt new tools and systems. For instance, it is of immense importance to locate and eliminate security vulnerability in order to make profitable use of IoT.
- Industries should send their functional managers, data analysts, business analysts, post-grads, IT professionals, and new graduates to workshops that provide basic information on the functioning of IoT.
McKinsey Global Institute has identified IIoT as one of the important technologies that has the potential to create economic transformation. It estimated that IoT will have a potential economic impact of up to $6.2 trillion by 2025. It also has the potential to drive productivity across $36 trillion in multiple industries such as manufacturing, healthcare, and mining.
In a detailed report of smart manufacturing from Business Insider, it was determined that global manufacturers plan to invest $70 billion on IoT solutions in 2020. That’s up from $29 billion in 2015.
A new study says that leading manufacturers are ready for the Internet of Things, but for medium- and small-scale manufacturers, it is always harder to implement new technologies to an existing manufacturing system. However, organizations that already did it are running more efficiently than ever before.
Organizations will need to master the art and science of converting IIoT into actionable insight.
Are you taking advantage of IIoT? Let us know!