Nowadays, the term “the Industrial Internet of Things” has become increasingly more pervasive in the context of industry as digitization has become a business priority for many organizations. So, what is the Industrial Internet of Things?
The Industrial Internet of Things (IIoT), also known as the Industrial Internet, brings together brilliant machines, advanced analytics, and people at work. It’s the network of a multitude of industrial devices connected by communications technologies that results in systems that can monitor, collect, exchange, analyze, and deliver valuable new insights like never before. These insights can then help drive smarter, faster business decisions for industrial companies.
IIoT is transforming industry—changing the way industrial companies operate from day-to-day. Whether it’s enabling predictive analytics to detect corrosion inside a refinery pipe, providing real-time production data to uncover additional capacity in a plant, or accelerating new product development by feeding operations and service data back into the product design cycle, IIoT—and the software solutions powered by it—are driving powerful business outcomes.
By combining machine-to-machine communication with industrial big data analytics, IIoT is driving unprecedented levels of efficiency, productivity, and performance. And as a result, industrial companies in original equipment manufacturing, chemicals, food and beverage, automotive, steel, and many other industries are experiencing transformative operational and financial benefits.
There is such great potential for the Industrial Internet to change the way industry works that GE Digital predicts the benefits to the global economy through IIoT will be:
- 46% of global economy that can benefit from the Industrial Internet
- 100% Industrial Internet potential impact on energy production
- 44% Industrial Internet potential impact on global energy consumption