By 2025, the global Industrial IoT market is expected to reach 933.62 billion dollars. – Grand View Research
Different industries such as logistics, oil and gas, mining, manufacturing, energy/utilities, aviation and others are looking forward to leveraging the Industrial Internet of Things (IIoT) now. The prime focus of IIoT is to optimize operational efficiency, automation, maintenance and more to help various business sectors to achieve unparalleled levels of productivity and ROI.
By connecting physical machines, sensors and devices with artificial intelligence, data intelligence, cloud and other such technologies, modern manufacturers are able to gather relevant data, decipher the data, analyze the information and make better business decisions. Moreover, some technologies such as edge computing, IoT platform, digital twin, data analytics, and augmented reality are building strong connectivity between machines, employees, processes and systems for competitive advantage.
Check out the below pictorial representation on how Industrial Internet of Things is bringing unprecedented levels of operational efficiency.
A lot of industries want to harness these aforementioned growth opportunities that Industry 4.0 has to offer and thrive in the digital future. Yet not every manufacturer is able to furnish them with its potential. This is due to the lack of an Industrial IoT strategy or IoT proof of concept (POC) because of which they do not know how to start deploying it to maximize real business value.
So, let’s discuss critical success factors for implementing Industrial IoT and how to kick-start.
Uninterrupted connectivity is a constant need for enterprises that are planning to adopt IIoT as they sometimes connect to external data sources. Even though the enterprise uses internet connectivity, its 100 % availability is not guaranteed. At some point in time, the connection might get lost like in an instance of maintenance.
If you are planning to implement IIoT technology without building connectors from scratch, choose an IIoT platform with extensive support that enables a seamless connection.
It is important for you to know that IoT implementation is not just confined to connecting devices, sensors and machines to the Internet. It also infuses intelligence in machines and devices that help in gaining the real value of IoT. This is why it is crucial for enterprises to consider utilizing intelligent machine-generated data for rich business insights that provide practical benefits. Thus, for a successful IIoT implementation, enterprises must add intelligence capabilities such as artificial intelligence and predictive analytics.
For example, if you inject AI and predictive analytics in a smart lighting solution, it would automatically shut down the lights, once it identifies that there is no one present in the premises. The AI-enabled IoT systems monitor usage and recommend on/off timings, whereas predictive analytics analyze data granularly to enhance lighting power efficiency. So, these capabilities are helping to energy conservation and optimize operational parameters.
Enterprises face a major challenge in storing data these days. You will agree to the fact that a modern enterprise does not follow the traditional method of managing data which included analyzing a massive amount of data and then disposing it right after the analysis. Nowadays, businesses need past data to make accurate forecasts.
In fact, the Industrial Internet of Things and edge computing will help you to collect and store a huge amount of data in the cloud. This data can be further granularly analyzed for valuable business insights to make smarter decisions. And hence, it is inevitable for any enterprise to plan for secure storage of data if they are planning to adopt IIoT in the long run.
Previously, to control machines in a factory setting physical access to the facility was necessary. But, by connecting assets to the Internet and deploying IIoT capabilities, devices and data will be vulnerable to new security risks. To save critical data and machinery, enterprises are introducing new security tools to make their IoT system secure.
With a solid security approach including authentication and encryption capabilities, cyber-physical systems, real-time analytics and IoT gateways can prevent IoT-based breaches and serve as protective shields for the IoT infrastructure. With the rise in IT and operational technology, it has become inevitable for enterprises to choose IoT security by design as a key criterion for complete security.
These are some of the factors that are critical for enterprises to deploy an IIoT ecosystem successfully. Many companies are heavily investing in Industrial IoT, but they fail to make good ROI as they are unable to plan an effective and scalable IIoT strategy that delivers full potential to transform your industrial operations. If you want to know how to implement IIoT in your industry setup, consult our experts to schedule an IoT workshop.
With the increase in adoption of the Internet of Things (IoT), companies from all industries now have a question – which IoT business model and application is right for them? Check out this whitepaper to know what, why and how of IoT business models.
In this whitepaper, we have covered some important elements you should consider when looking to transforming your business model.