Do you know your platform solution?
Knowing your digital solutions is key to choose industrial platforms, as they might not meet your exact needs
What is under the hood of an Industrial Platform solution? What do you look for?
IIoT Platforms are still under significant construction
How do you judge the platforms that are out there?
Companies have this essential need to build an IoT platform today, or be at least very active partner in one, or even many, to fit their business goals. A platform connects, it connects your world with the rest of the world. Often when we talk about IIoT, it can get easily confused with IoT. Actually, IIoT, grew out of the other, IOT.
IoT is mostly about making the human interaction with the object(ives). IIoT is about connecting devices, sensors, building and improving manufacturing execution systems then applying intelligence and analytics to understand or improve the performance of the existing devices. The aim is to monitor, build parameters, sophisticated controls and search for solutions that will lessen the downtime and improve the productivity of the asset.
McKinsey estimates that the Industrial Internet of Things will create $7.5T in added-value by 2025. IIoT has been valued at around $255b as a market in 2025 (a past GE estimate). These two seem to offer very different estimates. In many ways, we are all confused and still guessing or predicting, because of so much uncertainty and not honestly knowing what comes next in technology invention that changes the position. We have learned, in our engagement and growing reliance just on the smartphone.
We have all learned to adapt and adopt so differently, as we connect more and more. In the IIoT world, there is predicted value across all of the connections (McKinsey view) and as we see more solutions emerging, as ways to serve that “connected” need market growth will more than likely simply accelerate away. Speed, scale, scope are all accelerating away, and as companies, we need to find our positioning in this evolution and industrial internet. The 4th Industrial revolution is well-under way.
Let me provide a snapshot, my view, of where IIoT platforms-as-a-service sit today. Continue reading