The World of Industrial IoT
Industrial IoT is vital to industry 4.0 that we are in today. Industry 4.0 is based on connected electronic devices – particularly IIoT devices. It is about the blend of both worlds – physical and digital; that allows interconnection between companies, departments, partners, and people – and industrial IoT applications deliver just that. It aims to create an ecosystem where companies/factories will self-sustainingly be using automation, wireless connectivity, data virtualization, and IoT sensors.
IIoT is leveraged across various industries such as manufacturing, logistics, oil and gas, transportation and logistics, mining, aviation, energy, and more. IIoT will move the industry towards a demand service model in the years to come, increasing customer satisfaction and generating newer revenue streams.
What is Industrial IoT?
The industrial internet of things (IIoT) refers to the further use of the internet of things (IoT) in the industrial domain and applications. The IIoT allows enterprises and industries to be advanced, efficient, and dependable in their operations by focusing on machine-to-machine (M2M) communication and machine learning. Industrial IoT (IIoT) brings machines, cloud computing, analytics, and people together to enhance the performance and productivity of industrial processes.
It connects billions of devices and delivers value across various use cases for different industry sectors across functions such as predictive quality, maintenance analytics, asset condition monitoring, and process optimization. Capitalizing on several features, IIoT proves to be better than human’s in analyzing data and communication to drive businesses more accurately than ever.
What industries can benefit from IoT?
In recent years, IoT has remarkably transformed industries by introducing new-age technology and redefining the space of devices. Let’s take a quick look at some industrial sectors that have implemented IoT – enabled devices.
Energy: Energy efficiency is improved with IoT, for its solutions are seamless, smart, and secure. Backed by advanced analytics, AI, and new models of interactivity with mixed reality, the data is delivered intelligently with smart cloud technology. Azure IoT for energy helps enterprises and industries keep their critical data secured and protect their privacy.
The many ways for which IoT can be used in the energy sector are:
Grid asset maintenance
Energy optimization and load balancing
Healthcare: Making remote monitoring possible, especially during the pandemic, has been possible because of IoT – enabled devices, thereby reducing the footfall in hospitals in less severe cases. IoT has made a noteworthy contribution in the healthcare sector as it has made patients’ interactions easier and efficient, resulting in increased patient satisfaction. It also has a significant impact on reducing healthcare costs significantly, diagnosing diseases faster, and starting initiative-taking treatment. The healthcare solutions that IoT offers benefit patients, physicians, hospitals, and insurance companies.
The aid of technology in the healthcare sector:
Improves the quality of healthcare and operations,
Offers advanced and personalized treatment, and
Could eliminate potential human errors
Manufacturing: With the incorporation of IoT in manufacturing companies, there has been a substantial decrease in operational costs. The use of sensors, data analytics, and cameras in IIoT allow machines to predict failure before it occurs. IoT-enabled machinery enables connected operational intelligence, which transmits real-time insights to manufacturing stakeholders, allowing them to manage factory units remotely. Some use cases for IoT for manufacturing are:
Real-time asset monitoring
Product quality control based on condition monitoring
Connected operational intelligence
Predictive maintenance of assets
Retail: The recent pandemic can be considered an excellent standpoint to chart the growth of IoT in the retail sector, for the industry delivered customer experience at the doorstep and innovated the in-store customer experience. IoT can be applied in retail for the following purposes:
Maintaining predictive equipment
Mapping store shelves
Increasing transparency and reducing frauds
Transportation and Logistics: This sector is divided in supply and demand, and IoT finds its uses in both. The whole chain can be optimized using IoT for warehouses, the transportation network, and the vehicles from suppliers to warehouses or directly to customers. Moreover, with an increase in mobile network technologies, data sharing across the connected transport ecosystem has become seamless and secure. IoT technologies also allow companies to achieve higher sustainability and corporate responsibility standards.
IoT can give real-time data on the goods using sensors like RFID (radio-frequency identification) or AIDC (automatic identification and data capture) and can be used to minimize costs and maximize profits. It has helped players in the transportation and logistics industry successfully deliver personalized and immersive experiences to its customers. A few applications for IoT in this industry are:
Inventory or asset tracking
How much has IIoT transformed the work processes?
Nigel Coe, Managing Director of Wolfe Research, US, stated that ‘the industrial sector is broadly expected to be the largest beneficiary of the broader Internet of Things development.’
Morgan Stanley research depicts
Sources: Morgan Stanley-Automation World Industrial Automation Survey, AlphaWise
What is the future of the Internet of Things?
The COVID 19 pandemic has brought many changes in how we perceive and use technology. The world has taken a step forward to embrace the developments in IoT. Let’s take a look at what the future would look like for IoT:
As IoT has already stepped into the retail market, fully automated supermarkets can be expected to roll out soon, resulting in automatic payments and cashless transactions
Work-from-home became the ‘new normal’ for the working class across the globe. Since it became the norm, intelligent devices and AI-powered assistants seem to make lives more accessible and convenient
Regarding the concept of smart cities, Forbes mentions, ‘IoT technology will allow authorities to understand the patterns of usage (of resources) better as well as efficiently plan safety measures and emergency response strategies.’
We at Extentia understand that IIoT platforms are the future of the digital revolution and therefore are intrigued to collaborate with our clients in this space. Our top-notch digital transformation solutions and services are ready to take on new challenges and projects in the IIoT industry and be a part of this IoT revolution.
Read other Extentia Blog posts here!