Enterprises aims at enhancing their manufacturing and industrial processes in order to advance in this fast-paced world. This can be done by integrating actuators and smart sensors in the manufacturing process. The process of industrial advancements by upgrading the technology by introducing smart electronics can be termed under industrial internet of things (IIoT). IIoT leverages the effectiveness of smart machines and real-time analytics in order to take the advantage of old machines. The ideal philosophy of IIoT states that smart machines are way better than existing machines or humans, and can enhance the process of manufacturing by optimizing and analyzing data in real time. These smart machines are better at communicating and following the feedback loop for transferring the information. This could boost the decision-making process and more accurate actions can be taken in order to improve the manufacturing.
Industrial internet of things comprises of smart devices that are connected in order to customize a system that could collect, monitor, analyze, and exchange data. The system consists of various different factors such as
- Applications and analytics that generate business information by contemplating raw data;
- Private and/or public data communications infrastructure;
- Smart assets store, communicate, and sense information about the system;
- Human resource that need to monitor the system.
Internet of things comprises of human-to-small devices including home appliances the are connected through web. These compact applications can be easily operated and can help big business as well. They have become a major part of the market including electronic devices such as robots and drones that can be automated remotely. These appliances are used all over the world and have a huge demand through different industries such as farming, logistics, and more. Industrial IoT reduces the risk by optimizing the efficiency of the manufacturing process. It helps in tracking the product while delivering it to the customer through logistics. The robotics integrated with the process helps in simplifying the communication between the contractor and the consumer. This greatly increases the effectiveness of the big data by reducing the costs and increasing the efficiency of the supply chain. It optimizes the space, rout and gives accurate information about fuel-consumption and makes the dispatching a smarter option. By modifying the traditional ways that could be risky, IoT reduces the labor work by introducing robotics in the logistics. The greater risks of failure and downtime are greatly reduced as IoT optimizes the process with low latency, high speed, and ability to support broader spectrum of simultaneous connections.
Logistics offers numerous opportunities for the application of IIoT. The benefits may include scheduling of logistics and real-time monitoring of the vehicles, capacity optimization and surveillance of full-road rate, and personnel. Integration of IIoT can help an organization to track their trucks and can monitor them remotely and can offer information regarding the quantity and the type of products being transported. Implantation of IIoT would open enhance supply chain by creating new opportunities and making revolutionary reforms in the logistics.
However, after knowing the significance of industrial internet of things, several companies tend to focus more on integrating new digital tools instead of deterring what smart devices would really suit their business overall. Enterprises should seek information regarding the path they want to chose for achieving business initiatives. Calibrating this new path allows the leaders and IT to make smart decisions to make accurate decisions regarding the organization buy-ins, ROI, and timelines. Creating a digital footprint is the road map for digital transformation as it enhances the visibility and integrations.
Significant improvements can be made on Key Performance Indicators (KPI) by analyzing the digital footprint of an enterprise. This helps in understanding the key areas that need to be enhanced effectively. By creating a digital footprint, it offers advantages such as the ability to analyze the machine data for actionable insights and improve the operational efficiencies in quality, productivity, maintenance, and energy utilization. Since digitalization, data is no longer siloed, which makes it important to improve the latencies in order to gain better understanding of the data that makes a critical impact on the business operations. The effectiveness of IIoT is enhanced when machine data is correlated for several key performance indicators comprising of quality, productivity, traceability, and maintenance. This would help in figuring out the unseen issues and untapped opportunities in an industry.
Various companies have started upgrading their technologies to keep up with the advancing world. One of the examples of such upgrade is industrial internet of things (IIoT). After exhaustive research, Allied Market Research has estimated that by 2023, the industrial internet of things (IIoT) market will reach up to $197 billion growing at a CAGR of 7.5% from 2017 to 2023. This market will advance in the markets including retail, health care, transportation, automotive, and others. Statistically, IIoT market has a huge potential. The growth of this market is directly depended on how a company or an enterprise implement and use technologies in this market.