IoT (Internet of Things) is the internet extended into the physical world. Purpose of the IoT is to collect data and transform it into usefull information and support decision making. It is the basis of digital transformation when applied to the products, services and operations of physically-based companies. With IoT decisions can be made using real information and not using estimates or assumptions.
Experts and analytics predict that in the year 2020, about 25 billion devices (i.e. machines, vehicles, mobile devices, home appliances etc.) are connected to the internet and they can exchange data.
Industrial IoT (IIoT) refers to the use of IoT technologies in the Manufacturing industry. IIoT incorporates data analytics, Machine Learning and AI and helps companies to detect, predict and start actions for something that has not yet happened.
With IIoT transformation, manufacturing industry is moving towards a service and knowledge economy rather than staying in the traditional product economy. Growing numbers of products are expected to be sold as ”product as a service” and completely new demand for ”digital services” becomes part of the company economy and their culture. Community involved with the product will benefit of the power of Social Learning and Knowledge Sharing.
Why invest in IIoT?
The value of IIoT is very clear. It can bring significant profit and prosperity to many companies. Companies can invent new business models, their value streams and improve customer loyalty. For many companies it is also essential to stay in the business.
Summary of the typical benefits that companies can expect by adopting IIoT Solutions are: