IIoT provides new opportunities for those ready to jump on board.
Either I’m getting slower, or the world is changing faster. Actually, both might be true.
There has been a “buzz” the past few years in many industries about the Industrial Internet of Things (IIoT). Specifically how the IIoT could connect devices at all levels to the Internet and data being collected for analysis. What is the IIoT? McRock Capital says, “The IIoT is the next wave of innovation impacting the way the world connects and optimizes machines. The IIoT, through the use of sensors, advanced analytics, and intelligent decisioning, will profoundly transform the way field assets connect and communicate with the enterprise.” GE and Accenture estimate this developing field could add between $7 trillion and $15 trillion to the world economy by 2030. Companies are currently making huge investments in the future of the Industrial Internet of Things.
What does this mean for our industry? I suggest it means we will need to adapt and change and continue to think about what we can do for our clients. The devices we install, how we install them, how they are connected, and the information we can gather from them will all be evolving and could change the game over the next several years. These changes will allow for more data to be collected (think Big Data) and, with all that data, information will need to be gleaned through analysis. Industry knowledge will then need to be applied to allow plants to run more efficiently and effectively with less downtime. That’s a win for our clients, and when our clients win, that’s a win for us.
With the IIoT comes opportunity, and that opportunity is on our doorstep.