What Companies Seek From the Industrial IoT

 
 
By Dennis McCafferty  |  Posted 05-22-2017 Email
 
 
 
 
 
 
 
 
 
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    What Companies Seek From the Industrial IoT
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    What Companies Seek From the Industrial IoT

    The IIoT can provide more efficient operations, as well as better product and services differentiation. But obstacles may prevent full-scale deployment.
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    Top Topic
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    Top Topic

    More than 60% of the global executives surveyed said the industrial internet of things (IIoT) represents a technology of growing or high interest and focus in their organization.
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    Making a Difference
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    Making a Difference

    More than 40% said the IIoT will have either a significant or major impact on their industry over the next three years.
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    Significant Buy-In
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    Significant Buy-In

    55% of the global executives surveyed said the IIoT is gaining adoption in their industry, including pilot projects and large-scale adoption.
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    Selling Points
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    Selling Points

    47% believe the IIoT can make operations more efficient, while 36% said it can create product and services differentiation.
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    Engaging Proposition
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    Engaging Proposition

    34% of the global executives surveyed think the IIoT can improve customer engagement and satisfaction, and 26% said it can increase productivity.
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    Primary Focal Points of IIoT Investments
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    Primary Focal Points of IIoT Investments

    New products and services: 35%, Customer touch points: 29%, Manufacturing: 23%
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    Top Benefits of the IIoT
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    Top Benefits of the IIoT

    Improved equipment uptime and performance: 37%, Better operational intelligence: 27%, Self-diagnosis and automation: 26%, Operational efficiencies: 25%, Reduced maintenance costs: 19%
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    People Problem
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    People Problem

    61% of the survey respondents said their organization has a large or major skills gap in achieving operational connectedness with the IIoT and taking advantage of IIoT-generated data.
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    Improvement Points
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    Improvement Points

    51% reported that their company will need new tech skills to successfully pursue IIoT adoption, while 41% said they will need better data integration and analytics capabilities.
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    Average Assessment
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    Average Assessment

    Just 37% of the global executives surveyed rated as good or excellent their company's ability to develop and deploy apps that utilize real-time insights and systems monitoring.
 

A clear majority of organizations have a growing or high interest in the industrial internet of things (IIoT), according to a recent survey from the Business Performance Innovation (BPI) Network. The resulting report, "The Impact of Connectedness on Competitiveness," indicates that these manufacturing-based companies are seeking more efficient operations from their IIoT investment, as well as better product and services differentiation, and improved customer engagement. But there are lingering obstacles to full-scale, successful deployments, including existing skills gaps and a lack of adequate data integration capabilities. "While there is widespread recognition of the value and impact that these technologies and applications will deliver in the next few years alone … most companies are lagging in IoT readiness," according to the report. "Business leaders are concerned that their organizations are falling behind in the race to keep pace with IIoT. They lack critical competencies, are struggling to reimagine business in a connected world, and largely see themselves as very early in preparing for the changes ahead. These gaps in IoT readiness suggest that there is a significant distance between expectation and execution that must still be overcome." More than 350 global executives took part in the research.

 
 
 
 
 
Dennis McCafferty is a freelance writer for Baseline Magazine.

 
 
 
 
 
 

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