The Industrial Internet is set to transform global industry and infrastructure as it connects machines, assets, and people. Its promise: to profoundly improve efficiency, productivity, and safety. Today, even a 1% efficiency gain from expanded interconnectivity could equate to annual savings of more than $150 billion for industries like energy, transportation, and healthcare. By 2020, an estimated 30 billion machines will come online. And by 2030, through accelerated productivity growth, the Industrial Internet could prove to boost global GDP by as much as $15 trillion.
As the race toward the future continues, more traditional industrial organizations will likely face a competitive landscape that requires embracing the Industrial Internet to sustain positive business outcomes. In this sense, competitive advantage will likely be driven through advanced technological innovation. Costs will be cut. Profits will rise. But with these potential advantages and new opportunities, increased interconnectivity will also bring some level of inherent risk.
Then again, what in life—or business—is risk-free? No risk, no reward. What’s important is that companies not only embrace the prospective benefits, but that they understand that time, dedication, and knowledge are necessary to prepare for the risks and plan for a secure path forward.