The main difference between well known Industry of Things (IoT) and Industrial Internet of Things (IIoT) is the place of application and approach to the role of user. IIoT focuses on increasing the profit, efficiency and safety of data used in any industrial application. Company’s main investment into IIoT is made to ultimately lower the global cost of bussiness activity and avoid any unnecessary maintenance costs.
The basic Internet of Things (IoT) objectives include management of facilities for User’s greater convenience and time saving. Smart homes, health monitoring and almost every aspect of human life is = covered more and more by IoT accessories and applications, but they mainly focus on end-user experience. The Industrial IoT looks far beyond that and brings profits and savings to manufacturing and maintenance level.
Companies can also benefit greatly by seeing it as a tool for finding growth in unexpected opportunities. In the future, successful companies will use the Industrial Internet of Things to capture new growth through three approaches: boost revenues by increasing production and creating new hybrid business models, exploit intelligent technologies to fuel innovation and transform their workforce.
The benefits of using IIoT devices and complex solutions improve bussines efficiency (e.g., improved uptime of systems and remote monitoring of parameters) through easy maintenance and cloud management.
The new means of control are called Ecosystems, entwining the whole structure of industrial installation and software platforms to unleash unimaginable powers of existing industries. Coexistance of human controlled, cloud management utilities and devices, result in unprecedented levels of productivity.
The IIoT is defined by Accenture as “a universe of intelligent industrial products, processes and services that communicate with each other and with people over a global network”. This connected web is becoming increasingly ubiquitous across a wide range of industries, from oil and gas, utilities and transportation through to the medical field.
While these devices can be very beneficial for organisations and consumers every day, even greater value may be derived by using analytics to generate insights from the vast datasets generated by IIoT.
Research by Accenture and General Electric found that industrial organisations see a considerable upside in IIoT as a complement to big data analytics. More conservative forecasts in this research estimate that this activity could be worth $500bn by 2020.