New business opportunities using IIoT and analytics
New business opportunities for IIoT
Today, manufacturers around the world are seeking new ways to meet market needs, improve products, optimize operations, increase revenues, and reduce costs and risk. Automation, digitalization, and the adoption of IIoT are important requirements for companies that wish to lower costs, drive new efficiencies, and find new business opportunities with IIoT. The ever-changing landscape and shifting dynamics in today’s market has made the road to success more complex.
Organizations strive to meet aggressive production schedules and customer expectations, with success directly tied to the overall availability and reliability of capital assets; product quality; the performance efficiency, safety, and satisfaction of their workers; and customer satisfaction. Equipment and worker performance can make or break operations. Unplanned downtime due to equipment outages can mean missed commitments and millions in lost opportunity. Degradations in equipment performance and worker inefficiencies or errors can steal profits and inflict unnecessary costs.
There are many IIoT opportunities and challenges related to analytics
This white paper outlines the current Industrial Internet of Things (IIoT) market landscape and key challenges that analytics can address. It introduces streaming analytics for IIoT, summarizes customer problems ideal for streaming analytics, and provides industry use cases to give life to these concepts. It is intended to provide a blueprint for how analytics can help deliver on the promise of IIoT.
With IIoT, a robust ecosystem can provide solutions that work together to solve manufacturers’ challenges. Siemens and SAS have recognized the complexity of these challenges and have partnered to provide IIoT and analytics capabilities in Siemens MindSphere. Leveraging streaming analytics both on the edge and in the cloud leads to the broadest set of opportunities for maximizing business value.
IIoT’s Immense Entrepreneurial Opportunities
The optimistic temperament of successful entrepreneurship is what has tremendously shaped and revolutionized our world today. Our present world as it still unfolds is the direct results of the incredible vision, the extremely indefatigable beliefs and inconceivable risks implementations of past entrepreneurs.
From Thomas Edison to Andrew Carnegie to Henry Ford, to Bill Gates and Steve Jobs, from Jeff Bezos to Larry Page and Sergey Brin and so on. All, at some point of beginning, were deemed crazy and their ideas were reckoned absurd, improbable and at best unworkable.
And yet all the amazing comforts, ease and reliefs’ of this particular millennium are undeniably accredited to their extraordinary achievements, gives implausible credence to remarkable entrepreneurial characteristics such as vision, risk taking and the ability to spot opportunity.
Billionaire entrepreneur and founder of Spanx, Sara Blakely once said: “Embrace what you don’t know, especially in the beginning, because what you don’t know can become your greatest asset. It ensures that you will absolutely be doing things differently from everybody else.”
The Industrial Internet of Things (IIoT) may seem a little remote and far-flung but so was the internet, search engines, World Wide Web, smart phones etc just a couple of years ago. Is it not still fresh in our memories and isn’t it just like yesterday when we were all sated with our Nokia 3310’s? But what’s the fad today?
Is the stratum of technological operation not overly sophisticated today in comparison to just seventeen years of human prediction judging from the eon of Nokia 3310 till date? There is a definite, eclectic and very prospective sphere of entrepreneurial influence and exploration in the Industrial Internet of Things (IIoT).
Incredibly smart entrepreneurs are currently evaluating and assessing the plethora of opportunistic forays readily available in the Industrial Internet of Things (IIoT), whether it’s Automated production, Digitized manufacturing, Integrated control systems, Smart factories, Analytics and big data, Industry integration strategies, Cloud, Medical device manufacturing, Artificial intelligence (AI), Asset management and maintenance, Transportation and Logistics (T&L), Freight monitoring, Aviation, IT security, Communication systems, Intelligent data systems, Supply chain monitoring systems, Vehicle/transport tracking, Smart grid for electricity, Oil and Gas, Network transmission/distribution, Predictive maintenance, Data-enabled services, Robotics, Mining, Internet of Robotic Things (IoRT), Connected ecosystems, Advanced software’s, Cyber-physical connected systems (CPCS), Cyber-physical production systems (CPPS), Innovation, Connected logistics, Facility management, Smart warehousing, Energy consumption optimization, Industrial heating, Ventilation, and Air conditioning, Ozone, Gas and temperature monitoring in industrial environments, Industrial connectivity solutions and so on.
The main steps to optimize Industrial Internet of Things (IIoT) projects
The main steps to optimize IIoT projects based upon DELL’s presentations are depicted in the report below:
The market opportunity of the Industrial Internet of Things (IIoT), is extremely huge and entrepreneurs of incredible wit and vision must create new IIoT business opportunities around these modalities. The McKinsey Global Institute forecasts the economic impact of IoT reaching as high as $11 trillion by 2025, and a massive chunk of that is predicted to live in business and industrial applications.
According to McKinsey, the real promise is in the Industrial Internet of Things (IIoT).
In general, organizations that adapt their business models and implement the shift towards digital and disruptive technologies will find themselves more competitive on the global stage, vastly more productive and with tremendously more capability and capacity.
- Market landscape and IIoT opportunities and challenges
- IIoT opportunities to analytics
- Streaming analytics for IIoT
- IIoT and streaming analytics use cases
- Siemens MindSphere and IIoT analytics
- Siemens and SAS IIoT analytics partnership
This is an excerpt from the white paper written by Christoph Inauen, VP of Strategy for MindSphere at Siemens and Jason Mann, VP of IoT at SAS.