Industrial IoT (IIoT) can be seen as a way to optimise existing processes and business models, for instance by achieving higher degrees of automation, or by avoiding outages with help of predictive maintenance.
Though, at its core, the IIoT is not about achieving some percentage points of efficiency but about which companies will capture which portion of this trillion-dollar opportunity, and which companies will become an extended workbench of a predominantly digital value creation.
This requires going beyond optimisation and moving into transformation; It means introducing new data-enabled processes in R&D, production, marketing and sales, new forms of cooperation in the supply chain, new ways of creating and commercialising products and services – all backed by a technology architecture that enables interoperability between “things” and provides data insights with the required speed.
Read the full article titled “Industrial IoT Must Move from Optimisation to Transformation” for more insight how transformative goals are crucial for IIoT companies to stay ahead of the competition.
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This post may contain excerpts from an article entitled “Industrial IoT Must Move from Optimisation to Transformation” published in The Business Times on 17 January, 2018.