How The IoT is Changing Business Today?
The Future of Industrial IoT And Your Business
As far back as the assembly line, we have used technology to gather data in order to increase output, become more efficient, and more effective. We are just now entering the age of the Internet of Things (IoT) and the Industrial Internet of Things (IIoT).
For companies in any sector that take advantage of the use of technology, now is the time to get ahead of the curve. Fortune 500 companies are ill equipped on their own to handle the sheer amount of data that sensors produce, but Centers of Excellence aim to solve this issue.
Centers of Excellence
To properly analyze and execute upon the data created by the billions of available sensors that exist today, companies are putting together brain trusts known as ‘Centers of Excellence’. These are think tanks filled with directors, software engineers, hardware engineers, and various other positions that are experts in IIoT across global business sectors.
Sensors around the world are producing big data. Uses for this data includes increasing the efficiency of manufacturing, refining current and creating new products, and lowering labor costs.
Everyone is in search of a faster, cheaper, and more reliable way of doing things. Data captured and made use of through sensors are a surefire way to contribute to this goal.
For example, if a Caterpillar machine has sensors that can capture and relay data such as movement, fuel, and hydraulic usage, engineers can improve upon current machine designs. This will allow them to refine their designs in order to make the machines more efficient, more effective, and more attractive for the consumer. After all, who wouldn’t want a more reliable and less expensive version of products that are vital to daily operation?
Labor costs are the first line item in the budget for nearly every business. Businesses need people to produce, operate, and maintain the products that they produce. For now, that is.
Drones, robots, and driverless cars are already in use. While this may not be good news for the laborers, it is certainly good news for companies looking to cut costs and increase output. In fact, a driverless trucking company has already made a delivery of beer purely without the use of human labor. Imagine the ability to run your trucks 24 hours a day without the need for the human drivers to sleep. The ability for robots to run 24 hours a day forming, cutting, and welding sheets of metal to be used in various applications. Let us not forget drones that inevitably will fly commercial planes without the use of pilots.
Data As A Product
Big data is a name that doesn’t do it justice. With billions of IoT/IIoT devices and sensors now connected that each spit out a continuous stream of information, there is more information than people know what to with.
In the future, when companies who are late to the party finally understand the need to join the connected devices and big data revolution, it will be another great opportunity for the early starters to cash in.
The data that they collect today will be able to be sold to these late joiners in large packages for extremely high amounts of money. This is because they will have years of invaluable information collected and analyzed that late adopters will see as a necessity in order to survive, let alone thrive.
Those companies that choose to jump the roadblocks and navigate their way with a compass early on will be able to sell their GPS-precise (so to speak) information at a premium.
The future of automation is close. Those companies that decide, and decide now, to get in on developing technologies on their own and through centers of excellence will cost them a lot of money now, but they will reap the rewards in the future. Their companies will understand what works and what doesn’t, thus being far ahead of the curve compared to late adopters. And when those late adopters finally arrive tomorrow, they will be met with a heavy price tag for guidance and data from those early adopters that took the risk today.