The Industrial Internet of Things will transform companies and countries, opening up a new era of economic growth and competitiveness. We see a future where the intersection of people, data and intelligent machines will have far-reaching impacts on the productivity, efficiency and operations of industries around the world.
The Industrial Internet of Things has been heralded primarily as a way to improve operational efficiency. But in today’s environment, companies can also benefit greatly by seeing it as a tool for finding growth in unexpected opportunities. In the future, successful companies will use the Industrial Internet of Things to capture new growth through three approaches: boost revenues by increasing production and creating new hybrid business models, exploit intelligent technologies to fuel innovation and transform their workforce.
Predictive maintenance: Every year, manufacturing units across the world suffer from huge losses due to faulty machines and equipment, rework and machine failures. IoT can help factory owners predict a solder defect or a type of component defect before it has occurred. This helps owners identify a potential issue and take urgent action to address it, thereby ensuring that there are no faulty pieces. The eventual outcome is that manufacturing time decreases, there is no repeated work and the amount of scrap reduces significantly. By aggregating real-time data from sensors installed on the machinery and equipment, manufacturers can track current machine operational status and also receive alerts if there is a possibility of any failures or unplanned downtime. All these factors enhance operational efficiencies and help aid in increasing revenues.
Enhanced field service: Companies that have their products and equipment distributed worldwide — for example, elevators or large healthcare equipment — often face a challenge where after-sales service or troubleshooting are concerned. Usually these companies have field service executives that visit different locations for troubleshooting or servicing these pieces of equipment. Often these field executives or technicians must spend a great amount of time going back and forth with back-office experts for more complex problems or must refer to technical guides or tedious repair manuals. IoT can help field service executives by using predictive maintenance systems. Field service executives can identify potential issues before they blow up into a major problem, thereby ensuring quick fixes before creating major inconveniences to the customers. By using smart glasses, technicians can work hands-free and even work remotely with back-office experts. Field technicians can also share real-time photos and videos, annotate on the shared visuals and even create handholding mechanisms with back-office staff, thereby making troubleshooting quick and seamless.