The Industrial Internet of Things (IIoT) is slowly transitioning from being a mere buzzword to a concrete reality. Innovation in this field is mainly led by large companies that have already started to implement IIoT ideas in various applications. Now they are able to observe the results of their investments in IIoT, according to a recent story in Machine Design Magazine.
Some of the big players in the IT world believe that competition, resource constraints, and an aging work force are just a few of the key elements that are driving innovation toward IIoT. A company that decides to invest in this technology will observe a clear advantage over other competitors in a relatively short time. The availability of a new set of analytics, generated by continuous monitoring of real-time data, will enable that same company to gain a deeper insight into its production process, and also to reduce costs by reducing waste, downtime, and unnecessary maintenance.
According to a 2013 report by Aberdeen Group, 53% of U.S. manufacturers that implement IIoT have improved their business, increased their competitive edge, and reduced total costs. For 40% of U.S. manufacturers, the biggest risk factor is the failure of critical assets. Whereas the impact of certain components is shrinking, such as logistics and supplier quality, some other areas are becoming crucial for the success of a company and need more efficient analysis tools.