IoT (Internet of Things) is one of the most promising megatrends in the Industry 4.0 revolution. 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 Machine Learning and Big data analytics and helps companies to detect, predict and start preventive 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.
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. Typical benefits that companies can expect by adopting IIoT Solutions are:
- Higher availability of industrial equipment, product, machine etc.
- Increase quality of the production and throughput
- Increase productive time and MTBF
- Benefit of real-time KPI’s and dashboards
- Reduce scrap rate
- Reduce energy consumptions
- Reduce time for unplanned maintenance stops and MTTR.
- Share the ProductInUse knowledge within your community
- Possible Security threats will be addressed properly and protective actions are made