Defined as the rapidly expanding network of connected smart devices and objects, the IIoT enables huge amounts of data from physical objects to be used to automate tasks or generate new services. It will also mean greater personalization of customer experiences, generating new business opportunities as a result.
The potential benefits for business are significant: research by Accenture suggests that the IIoT will support the creation of new products, services and markets, with the potential to boost the GDP of the world’s 20 largest economies by $14.2 trillion by 2030. The agrochemical industry provides a good example to help us understand how the IIoT could generate this level of growth. Companies in this sector could branch out from selling products by making use of climatic and geological data to earn revenue from guaranteed yields for specific crops in certain locations.
Another example could be for plane engine manufacturers to monitor engine performance in flight to pre-empt maintenance issues, thus reducing air travel delays.
What these examples also show is that the IIoT can enable what Accenture calls the ‘outcome economy’, in which workers create more varied options for customers based around new experiences that go beyond the original product or service.
The benefits that the Industrial Internet of Things could bring for economies, businesses and workers are clear, but in order to reap the rewards businesses must step up their efforts to foster change in preparation for this next technology wave.