Role of IIOT in Business Transformation

Role of IIOT in Business Transformation

As the name suggests, IOT or the Internet of Things is connecting objects or things to the internet to make them data-friendly, useful and digital at best. IIOT or Industrial Internet of Things is utilizing IoT in the Industrial sector by digitalizing industrial instruments or parts and engaging them with cloud technology. In simpler words, the Internet of Things is about adding sensors to lifeless objects to make them digital, and using the same concept in industrial objects or parts is called IIOT or Industrial IoT, which has become a huge part of Industry 4.0 or the new age industrial revolution.

Why do we need the Internet of Things?

Smart homes, smart cars, smart phones and smart watches are changing the way consumers are living. Everyone is seeking a kitchen appliance or ceiling fan that can be run by a mobile application. This technology of adding chips or sensors to every usable thing to make it digitally equipped and connected to the internet is what IOT is all about.

Businesses all over the globe are exploring the concept of IOT to digitalize their products, to increase performance and usability among consumers.

  • Low Cost – When a physical object or industrial part is fitted with a chip which is then connected to  cloud, all data from functionality, performance, and failure to basic analytics on bug fixes can be collected with minimal or zero human intervention. Thus, it helps business and industrial sectors from higher manpower costs and budget rise.
  • Modernization – Turning a physical product into a smart product by monitoring its performance data and pushing it into next-level by improving it, is how an industry will achieve excellence and acceptance in this competitive era.

Why IIOT is the next big thing?

Bringing physical objects and the digital world on the same platform with full utilization of technologies like cloud computing, data collecting sensors, artificial intelligence and internet connectivity, industries across the world are achieving the impossible. Industrial IOT is how industries are reaching new levels of automation and revolution to achieve huge profits and create state-of-the-art business models.

IIOT has the power to support and create:

  • Smart cities
  • Digital supply chains
  • Digitalized manufacturing

3 ways IIOT benefits business transformation

The ability to turn a simple physical object into a communicative digital part that tells you about its performance and output and usability or its bugs is an incredible success that can add larger-than-life transformation, to businesses around the world.

IOT can boost a business with benefits like:

  • Data gathering
  • Analytics-based product building
  • Enhanced product functioning and productivity
  • Higher revenues with an innovative approach
  • Digital growth and value