The rapid changes in the Internet of Things have increased the efficiency of consumer appliances while providing industrial applications the power to change the world. Though the primary function of IIoT is to improve work efficiency, it also has the capability to offer great returns on investment.
Industrial Internet of Things
Industrial Internet of Things means the use of advanced IoT sensors in machinery such as manufacturing tools, tractors, utilities, and other operational devices. The sensors enable automation, analytical services, predictive maintenance, and more.
In a broader sense, IIoT allows businesses to handle the entire manufacturing, processing, and shipping procedures with ease. It can link the devices inside your company and streamline the operational workflow. IIoT offers great benefits to businesses, but the top three benefits of IIoT implementation are:
Amongst all, equipment failure is a common problem every manufacturing company has to face. But, with IIoT sensors businesses can predetermine the flaws in their machinery and take preventive measures. Besides that, machinery will be efficient enough to perform minor bug fixes. This can help you save 38% of maintenance cost and mitigate production downtime by 67%.
Equipment Tracking and Analyzing Innovation
Businesses can use IoT sensors to track the efficiency of their products. For instance, Michelin embedded their tires with mini sensors to determine temperature, speed, and tire pressure. The company uses to data to determine product efficiency. Such analysis helps business to save time and money and optimize their products.
Apart from streamlining operational workflow, IIoT can also enhance revenue generation. GE alone has utilized their IioT software to the tune of $5 billion in revenues. While the case might not seem relevant to other industries, IIoT can help businesses to cut-costs from every corner. Besides, IIoT also has money making potential, if businesses are willing to capitalize its offering to the fullest.
So what do you think, Will the adoption of IIoT help your business to reach new verticals?