Today it’s pretty hard to pick up an industry trade publication or Google anything related to manufacturing and not find an article on the promise of the industrial internet of things (IIoT). Combine the IIoT with advancements in cloud computing and cyber-physical systems (autonomous smart physical assets), and the experts say the stage is set for new manufacturing realities to evolve. Gartner’s Emerging Technology Hype Cycle put the IIoT firmly at the “peak of inflated expectations.” Despite the hype, we will be – or are – bearing witness to the beginning of what many are calling Industry 4.0, the next industrial revolution.
Those old enough to remember carbon paper, overhead transparencies, fax machines, and phone booths as critically important business tools will no doubt be optimistic. The IIoT promises to redefine or add to the capabilities that organizations must master to be competitive, and it promises to do so sooner rather than later. Rest assured that it will have considerable impact. Accenture estimates it could add $14.2 trillion to the global economy by 2030. Is your organization ready?
Read the full piece on our sister publication Plant Services here.