The Industrial Internet of Things already have significant implications for the economy, including manufacturing, agriculture, utilities, mining, oil and gas, but also transportation, logistics and healthcare services.
The operational efficiency is the key segment of implementation of Industrial IoT. The focus is on automation and more flexible production techniques (smart industry); manufacturers could achieve increasement in productivity up to 30%.
The predictive maintenance of assets is area that may reduce overall maintenance costs up to 30% and eliminate breakdowns up to 70%. By avoiding facility shutdowns, plants benefits of increased production throughput. Using this approach, a production company may predict key equipment failures and minimize lost production.
Also, energy management is an area where IoT technology enables organizations to benefit on lower electricity bills (equipment and lightning consumption) by implementing high efficient energy monitoring solutions.
Additionally, the IoT offers great buinsess opportunities for manufactureres of equipment and products by introducing new digital products and services that open entirely new sources of revenue.