How The Rise Of Industrial IoT (Internet of Things) Will Shape The Future of Manufacturing Business

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How The Rise Of Industrial IoT (Internet of Things) Will Shape The Future of Manufacturing Business
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Industrial IoT

What pops up in your head when you hear about Internet of things?

Connected cars and Fitbits?

Smart home appliances like a thermostat that automatically sets?

A refrigerator that tells how much food is in it?

Or lights that automatically turn on and off?

While the Internet of things owes its popularity to these consumer products, but the next wave of innovation is about to wash over the connected world by Industrial Internet of Things.

The Industrial IoT or the Industry 4.0 is becoming the most overused common automation buzzwords today.

Previously, we discussed the major challenges and driving benefits of IIoT in our Industrial Internet of Things article.

Today, we’re going to find out how the industrial IoT will shape the future of manufacturing.

While the big companies like Bosch and Siemens are leaning into Industrial IoT, but platforms are still at the early stage of maturity. According to Accenture, the Industrial Internet of Things could add $14.2 trillion to the global market by 2030. This means, the increase in the number of endpoints is resulting in a new era where data from interconnected devices is being increasingly used to improve the industrial performance.

What is Industrial Internet of Things?

The Industrial Internet of Things is the subset of Internet of Things (IoT) that involves mainly in the manufacturing. The Industrial IoT is all about connecting smart sensors to the internet and using the information to make better business decisions. The major difference between the IoT and Industrial IoT is that the IIoT is designed to be relatively closed environment focused on communicating within a company. In fact, it has been estimated that manufacturing companies worldwide will spend $500 billion a year on IIoT Technology. Further, the value generated by IIoT will reach $15 Trillion per year by 2030.

Startups in Industrial IoT

The German government has already coined their move towards smart factories and smart manufacturing, and the German industry is predicted to invest €40 billion by 2020.

ThingTrax, a part of connected devices Cohort and a new Startupbootcamp IoT, is one startup riding the wave of smart manufacturing. Their aim is to help manufacturers reduce their unplanned downtime and increase their operational efficiency, which they achieve by analyzing data from the machines and operators in real-time through sensors and devices.

What Impact Will IIoT Have On Manufacturing?

IIoT is changing the industrial manufacturing landscape similar to internet that impacted the wider business world in the mid 1990’s. And, in order to stay competitive, industry and its leaders need to understand the potential of IIoT and the risk of moving slowly.

The Industrial Internet of Things provides a significant transformation potential that increase the value they derive from IIoT open standards based automation technologies.

In simple words, it is a world where smart connected systems and products operate as part of larger, highly responsive, and agile information infrastructure. Improvements in profitability and efficiency, increased cybersecurity, better management of safety and performance are just some of the benefits. Industrial IoT or Digital Manufacturing (as UK calls it) is the fourth industrial revolution that encompasses the IIoT, autonomous manufacturing system, business systems, greater product customization, and shorter lead times.

What Benefits Does The IIoT Offer to Manufacturers?

The IIoT provides the potential for substantial improvements in manufacturing productivity as well as quality by offering extensive information on every aspect of productive assets while at the same time enabling programs to make adjustments to the operation of these assets to optimize the performance.

Moreover, the Deutsche bank also estimated that IIoT will help to manufacturers to increase their productivity by 30%. Beyond improving manufacturing and distribution efficiency, the Industrial IoT also offer the potential for introducing new products and services that are tied with IIoT.

Currently, most industries have reactionary approach where if an equipment fails, they go out and fix it. But, with IIoT, and putting sensors in manufacturing equipments, it is possible to predict when the equipment will fail. This gives industries an opportunity to fix small problems before the bigger one rises.

While these predictive maintenance is great way to use sensors, but industries can also use them for real-time data tracking. Now of course, adding new solutions in manufacturing process is only good as revenue it brings. And, many companies are still at beginning stage, and for such solution there are certain Industrial Internet of Things App development company to help with upgrading the current manufacturing systems.

What Challenges Do Manufacturers Face in Implementing Industrial IoT?

Basically, the Industrial IoT is designed to handle the critical machinery that is subject to failure if the timing of control is off by latency – the amount of time required for a message to traverse the network – is a critical issue to consider.

For global companies, utilizing the full potential of Industrial Internet of Things requires communicating with devices located thousands of miles apart. In addition to this, the IIoT will also need to expand and upgrade over the coming decades, which means it needs to be build in the open, with flexible hardware and software platforms that are capable enough to meet the requirements for the future.

Summary

While considering how IIoT will have impact on your business, you need to think on the large scale. Remember, it’s not about making your products smart, but it’s about how IIoT implementation can have an impact on your business efficiency. The main concern here is your ability to figure out how you can improve your business with the valuable data of IIoT implementation.

 
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