Venu Gogineni, Connected Enterprise Leader, Honeywell India
Do you recall the last time you were surfing the internet and spent time reading an article on cricket, only to see advertisements popping up about the next IPL game in town? Such examples may be many, where our digital footprints are creating opportunities for enhancing our lives in the real world.
The Age of Software-Industrial
Connected technologies is no longer an aspiration for companies creating technology solutions to solve challenges of modern life, in fact, it is the only reality. Look at any industry around us, such as oil and gas, aviation, or healthcare, or just think of our daily lives at our workplaces and homes, a world that is not connected is inconceivable. The Internet of Things (IoT), which is a network of intelligent devices that collect and share millions of data to a cloud where it is dissected to leverage end-users, is resulting in a new reality where digital and physical contributions while being distinct, are increasingly inseparable.The application of the IoT to the manufacturing industry is called the IIoT (Industrial Internet of Things), and it will revolutionize manufacturing: Industry 4.0 is powered by IIoT, and we see connected devices in factories, installations, plants, etc. Connectivity is changing the entire software ecosystem, and as sensors get smarter and more connected coupled with more bandwidth at faster speeds and lower costs and falling cloud storage costs, data analytics will become even more comprehensive and enable collaboration to build end-to-end capability.
As per industry reports, the ecosystem of interconnected things and the technology that manages them is expected to have a market potential of USD 15 billion by 2020 in India alone. More than 2.6 million industrial robots are expected to be working in factories by 2019. So, it is not only about understanding and driving business with connected technologies, as it is more about diving deep and mastering IIoT to enable business efficiency.
Understanding the Connected Enterprise
A connected enterprise brings together the physical and digital world to enable man and machine to make informed, real-time decisions delivering a safer, smarter, more sustainable planet. It applies deep subject matter expertise, data, advanced analytics, and artificial intelligence, all run on next-generation IoT platforms that allow an entire ecosystem to extract actionable insights and anticipate the future to deliver optimal outcomes.
Today executives need to keep their businesses running smoothly and safely, and they are banking on IIoT technologies to help navigate challenges, even during cash-strapped times. For example, running plant equipment is difficult with a host of issues ranging from equipment breakdowns to potential safety incidents. Those issues inevitably lead to more downtime, which leads back to lost revenue. Predictive analytics achieved through effective IIoT solutions can help companies break out of that cycle.
Organizations need to adapt and change – from becoming radically transparent to engaging customers, increasing asset utilization, and redesigning processes will be imperative. At the same time, IIoT is something that does not require a wholesale change – it can be phased and scaled depending on a business case or company’s circumstances.For a young country like India, which is seeking to develop rapidly and fulfill the aspirations of a young population, connected offerings enable a much more intelligent and efficient use of scarce economic resources.