The inside scoop on the IIOT
The Internet of Things (IoT) has moved from folklore to everyday life, appearing in our homes, our shops, our socialising, and our offices. Now there is another sector that has been integrating IoT into its every day – Industrial Internet of Things (IIoT) is now a thing.
The influence of IIoT is wide-ranging and is used across several industries such as manufacturing, logistics, oil and gas, transportation, energy/utilities, mining and metals, aviation, and other industrial sectors.
In fact, since the industrial sector accounts for two-thirds of world output, it’s estimated that Industrial Internet of Things could add $14.2 trillion to the global economy by 2030.
With a total spend of $178 billion in 2016, manufacturing is by far by the largest industry in IoT and IIoT, and as it moves from concept to reality, the future looks very exciting indeed.
What is it?
Also known as the Industrial Internet, IIoT connects the automation technologies and machine-to-machine (M2M) communication that have been around for years, with the newer machine learning and big data technology.
IIoT has been described as revolutionising manufacturing by “enabling the acquisition and accessibility of far greater amounts of data, at far greater speeds, and far more efficiently than before.”
This improvement in connectivity and efficiency is offering manufacturers huge time and cost savings. IIoT networks are providing essential data information – from the factory floor to the executives in their offices.
Breaking down the benefits
Basically, the IIoT connects sensors to analytic systems to automatically improve performance, safety, reliability, and energy efficiency. On top of that, 87% of business leaders say IIot will result in the net creation of jobs.
IIoT makes collecting data from sensors that are battery-powered and wireless more cost effective than ever before, and interpreting this data using big data analytics and delivering the actionable information to the right person at the right time, are all saving money and energy.
And with knowledge comes power…
Business owners can know exactly how the business is performing. With this knowledge, real and informed future decisions can be made with confidence. They can improve their potential, and let innovation run wild knowing that there is data to back it up.
Forward-thinking companies are jumping on board and scrambling to be early adopters of one the newest applications. However, the struggle to make the technology to bridge the gap between devices and machines, and the concerns surrounding security (a concern for all IoT) are causing other manufacturing companies to be a little more cautious.
It can be said that once they see it set in motion and hear about the IIoT tales of success, it will not be long before we all see a shift in the manufacturing sector.
“Electricity changed the way we live and work – and that scale of transformation is possible with the Internet of Things” – Ian Goldin, University of Oxford.
IIoT is making news
Word of IIoT is spreading, and the tech media is starting to take notice. With companies such as Accenture gaining traction in the media recently for its work with clients to digitally re-invent their industries through its Industrial IoT Innovation Centre, journalists are waiting to hear about how the sector is changing and shout loud about the success stories.
The long list of benefits will outweigh the few negative thoughts and a whole new process of manufacturing will be born. It will be the early adopters, risk-takers, and market leaders that stand tall now and be the case studies for others to learn from that will reap the rewards from PR.
Want to know more about how Luminous PR can assist with telling your IIoT story? Contact one of our team now!