Internet of things is re-defining the way business is done: Here’s why it’s time for total transformation 

By May 15, 2018Product News

The internet has undeniably impacted the lives of nearly everyone across the globe; be it a modern-day millennial or a baby boomer, everyone today feels the need to be connected and part of a network in this fast-paced world. It’s difficult to imagine an individual not subscribing to at least one social networking site. Connectivity is all-pervasive and it is all about collaboration and speed, even as we strive to deploy those values in our lives and organisations. A connected society encompasses the concepts of connected homes, buildings, work places and most importantly, industries which drive all major developments.The concept of a connected industry or the Industrial Internet of Things (IIoT) is inherent to companies building new products and applications that leverage the internet, using cutting-edge technology to develop simple solutions for complex requirements. For instance, a cloud-based robot today smoothly monitors and analyses thousands of phone calls at data centers, and generates a qualitative report at the end of the day even without any human intervention. The role of IIoT is becoming critical in industrial operations, where efforts are being made to increase productivity without compromising efficiency, at an optimal cost.

IIoT is no longer an up-and-coming trend—it is already here, as we see a lot of manufacturers adopting IIoT enabled technologies. A recent survey—Data’s Big Impact on Manufacturing: A Study of Executive Opinions, jointly conducted by Honeywell and KRC Research—revealed that 70% of the 200 manufacturing executives surveyed said that they plan to invest significant resources in data analytics technology in the near future. This desire is driven by the strategic and financial value of their challenges: down time and related losses in efficiency, inadequate staffing, off-spec production and supply chain inefficiencies. It has already been proven that IIoT has the capability of resolving these challenges.

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