There are two main ways that people like to discuss the Internet of Things, and – more specifically – the Industrial Internet of Things. One thought is that the Industrial Internet of Things will revolutionize manufacturing in the near future. The other thought is that IIoT is already here and revolutionizing manufacturing as we speak. Both of those ideas are accurate. Many manufacturers are already implementing IIoT systems and technologies, but there is still a lot of potential for IIoT. We’re not yet seeing everything that the Industrial Internet of Things has to offer, but manufacturers recognize the potential.
Louis Columbus recently shared his insights on big data analytics and IIoT in an article with Forbes. You can read the full article here.
Nearly 70% of manufacturers are investing in data analytics.
Data and information are integral to the Internet of Things. It’s not all about collecting data, however. Manufacturers must know how to use that data and make informed decisions, or rather the systems must be able to do that automatically. Data analytics is key in IIoT, and manufacturers are putting the pieces in place for success.
Close to half of all manufacturers see data analytics as necessary.
46% of manufacturers consider gathering data, and making informed decisions based on that information, as a required step in the manufacturing process. Using data is no longer just an option that could potentially give you a leg up on the competition. If you do not implement data analysis, you will fall behind in your industry.
More than a third of manufacturers see the potential for IIoT to improve supply chains and increase revenue.
This statistic may come as a surprise. Even though this figure still shows confidence in IIoT potential, it is lower than you might expect. While a majority of manufacturers see the need to invest in IIoT technologies, there’s less belief that it will benefit supply chains and revenue increase. 63% of manufacturers said that data analytics would improve decision making, 57% said it decrease waste, 56% thought that it would decrease the risk of downtime, and 51% thought that IIoT would help predict maintenance needs.
The study also found that 66% of manufacturers feel positive about how they are currently implementing IIoT technologies. Are you getting ready for the next industrial revolution? Your systems need to be put in place, but your machinery also needs to be in top condition. Call us today for any of your Indramat service needs.