The Industrial Internet of Things, or IIoT, has the capacity to increase the world’s gross domestic product by up to $15 trillion in the next two decades. However for this figure to be realized major barriers have to be overcome. This is based on a prediction by GE Research.
A survey commissioned by Bit Stew Systems to determine the readiness of senior IT executives with regards to the IIoT revolution showed, that eighty percent of the respondents expected the advantages of IIoT technology to include enhanced up-time and efficiency. Other benefits identified included reduced costs of operation. But despite these advantages, the study observed that around seventy percent of the companies that had been surveyed had not fully embraced IIoT technology and were just in the planning stages. Only thirty percent of the firms were already making use of the technology.
Amidst the promising future of IIoT, there are challenges that are blocking its full adoption. The survey found that the biggest concerns from the IT executives revolved around data integration and collection. Seventy percent of the respondents disclosed that, in their view, IIoT’s most critical aspect was a tested and tried data mapping and modeling capability. While others revealed that the main challenge in use of IIoT stemmed from issues involving the integration of data from various sources and formats. They also cited challenges in being able to extract business or commercial value from the data.
The executives were also fearful that with the proliferation of IIoT devices and technologies gathering pace, there would be a loss of actionable intelligence due to the deluge of information that would be experienced. They were of the view that the big chunks of data and the challenge of determining its accuracy would result in the loss of critical business insights. Lack of a sound strategy for data management would eventually see the demise of some companies, as 33% of the respondents concluded. Other challenges cited included lack of the necessary skills and expertise, a fact that worried 36% of the respondents.
While the IIoT riches are a real possibility, it comes with major challenges as Industry starts using connected technologies.