Should You invest in Industrial Internet of Things (IIoT) devices?
The Industrial Internet of Things (IIoT) refers to the ecosystem of industrial machines and advanced analytics platforms that monitor and process big data from industry operations. IIoT devices use real-time analytics to deliver valuable insights on the operations on the ground. Anything from a small thermometer to a large refinery pipe can have sensors attached to them to gather and share data as part of the IIoT network.
But the term ‘industrial’ may be misleading, as IIoT devices are not just applicable to typical manufacturing factories. IIoT devices can be found across industries such as healthcare, food and beverage, retail, supply chain, building management, physical infrastructure, and many others.
So why is IIoT important?
An increasing number of industries are adopting IIoT devices into their operations. Tracking large quantities of data using real-time analytics provides us with a better understanding of what’s really taking place on the manufacturing floor. The sensors can pick up on inefficiencies happening on the ground at any instance, enabling manufacturers to quickly rectify the problem, ultimately saving time and cost.
The sensors can also give us insights to areas that are exceptionally productive and efficient. This provides business leaders with positive information that can spark constructive discussion on business development and even the possibility for new revenue streams.
Using data provided by IIoT devices, we can identify inefficient and efficient areas of operation on the floor. Such insights drive positive business outcomes that create a snowball effect of consistent improvement and upgrades within the factory. IIoT helps to speed up the process of digital transformation by telling us exactly what to focus on in our operations. In this new Industry 4.0 era, digital transformation can help us to address global concerns as well, such as energy consumption and resource management. IIoT devices, with their real-time analytics capabilities, helps us to cut inefficiencies, and transform our factories into ones that have less waste and more output.
IIoT is a fast-growing solution that is taking the industry by storm. According to General Electric, they predict that:
46% of global economy that can benefit from the Industrial Internet
100% Industrial Internet potential impact on energy production
44% Industrial Internet potential impact on global energy consumption
How should I start investing in IIoT?
Even though many industry leaders have been consistently pushing for digital transformation, research shows that only 5% of companies have succeeded in their attempts at digital transformation. This is largely due to the lack of a purpose-driven digital transformation journey.
Before investing in any IIoT device, consider these questions with your team:
Which are the most critical areas of my operations that need to be constantly monitored?
Which areas have the greatest impact on my final factory output?
What can be done after tracking factory data? Do we have the resources for future upgrading or maintenance?
Team members need to come together to decide how they want to use IIoT to meaningfully transform the factory. Although IIoT devices are highly capable at real-time data analysis, the power to transform ultimately lies in the people at work. The coordination between human and machine is what makes or breaks digital transformation processes.
Leaptron has IIoT solutions that can be applied across multiple scenarios.
Have a chat with our team at Leaptron and let us better advise you on where you should begin investing in your IIoT journey!