You’ve probably heard the term “Industrial Internet of Things”. Its a phrase that seems to come up quite frequently in the realms of industry, digitization, and business prioritization. Why is the IIoT so prevalent, what does it mean, and what do you need to know about it? This article will help introduce you to all things IIoT, from origins to optimization.
The IIoT, or Industrial Internet of Things, connects machines, analytics, and people. This network of various devices and resources streamlines your business through systems that monitor, analyze, and deliver new insights to help improve your production and efficiency. This speeds up business decisions and provides improved financial stability.
IIoT enables predictive analytics to detect infrastructural and machine-related issues, before the problems occurs. It also makes the user privy to real-time production data, allowing industries to improve system performance quickly and effectively. IIoT drives visibility and control over all industrial control systems and creates an environment to mitigate risks.
IIoT combined with machine-to-machine (M2M) communication, industrial big-data analytics, cyber security, will transform your performance and productivity. IIoT is an intricate driving force that can push past traditional standards and bring efficiency to your company.
In the year 2012, GE, the leading digital industrial company of the time, came up with the term “industrial internet.” Based upon current estimates, GE projects that the Industrial Internet can be an astounding $225 billion-dollar market by 2020. It has also made rather significant investments in the market and created GE Digital’s software solutions, including Predix, a platform for industrial applications on the IIoT.
The Industrial Internet Consortium
GE was one of the founders of the Industrial Internet Consortium. This consortium brings together the organizations and technologies necessary to accelerate the growth of the Industrial Internet by identifying, assembling, and promoting best practices. Members of the Consortium include both small and large technology innovators, vertical market leaders, researchers, universities, government organizations, and many more.
Unfortunately, only around 5% of companies have successfully undergone this digital transformation. Many do not have a purpose-built industrial platform to use and, thus, fall short of success due to lack of necessity.
GE is using the power of the Industrial Internet in order to prime industries for digitization. Its software connects streams of data of all types manufacturing solutions.
What’s the difference between the Internet of Things and the IIoT, then? Well, the Internet of Things usually involves consumer-level devices (heart monitoring fitness bands or smart home appliances)– these, of course, have a purpose and can provide valuable consumer convenience. The Industrial Internet, however, is more about connecting industrial machines and devices in what could be called “higher risk” industries, where system failures or unplanned downtime is detrimental to small companies.
For example, unplanned machine downtime will lose the company money. IIoT begins to equip OEMs and end-users with preventative care data, as opposed to historically reactive care. IIoT can notify an operator about how to optimize productivity or even detect a machine failure before it occurs. In the case of the Internet of Things, it can utilize a connected refrigerator to purchase more milk and eggs online before they run out.
The truth is undeniable; the IIoT is transforming the industry. Whether it’s enabling predictive analytics to detect corrosion inside a refinery pipe or providing real-time production data to uncover additional capacity in a plant, the IIoT and the software solutions it powers are bringing game-changing results to businesses of all sizes.
Early acknowledgment and investments in the IIoT are vital to stay ahead of the competition and reap all potential cost/resource savings benefits. Through SteamChain, you, too, can experience the profit of connected systems and the IIoT. We help industries big and small to integrate into and successfully digitize their businesses.