The Vast Potential of the Industrial Internet of Things
You’ve probably heard of the Internet of Things, but what about the Industrial Internet of Things? The so-called IIoT, which is also referred to as the industrial internet, is growing its presence as it unites advanced analytics, machines, and workers. This type of network connects devices in order to collect, monitor, analyze, deliver, and exchange insights in new ways to improve decision making in industrial firms.
GE Digital has predicted that the industrial internet can benefit 46 percent of the global economy. Its potential impact on energy production is 100 percent, while its potential impact when it comes to global energy consumption is 44 percent.
In fact, it was GE who coined the term “industrial internet” in the first place just four years ago. Now they believe that the industrial internet’s value could reach $225 billion by the year 2020, and it has created a software business known as GE Digital to make digital the basis of all its operations.
GE is undergoing a digital transformation while helping customers accelerate their own such journey thanks to software solutions like their cloud-based operating system for the IIoS.
Research shows that just 5 percent of firms have pulled off successful digital transformations so far, and this is widely believed to be down to the absence of purpose-built industrial platforms. The software is helping firms tap into data and then apply it in order to bring their business performance to new heights. One of its features, Asset Performance Management, can predict events ahead of time to help curb unplanned downtime, extend the life of assets, and keep maintenance costs down. Meanwhile, its Cyber Security solutions can provide protection from cyber attacks, ensuring safety and keeping systems up and running. GE Digital’s Brilliant Manufacturing solution, meanwhile, can provide the insights needed to optimize processes.