Advantages of Industrial Application Internet of Things Sample

Question: Discuss about the Advantages of Industrial Application of Internet of Things. Answer: Advantages of Industrial Applications of Internet of Things Here we have some key advantages of Industrial Internet of Things that are listed as below: Analytical Maintenance Efficiencies Advanced Ways to track and analyze Equipments Increased Revenues Useful for Different Industries Potential for Quality Control in Manufacturing Connect Users with Advanced Technologies Analytical Maintenance Efficiencies Today, most of the industrial companies have unreasonable approach to failures of equipments. In case of breaking of something, people go out and fix it. But if sensors will be putting in manufacturing equipment, then coupling of software and sensor will help companies to predict that when equipment will be expired. By getting this essential information, companies get opportunities to fix small problems before they become bigger. There are various software solutions are made with sensors by companies that can predict problem. For Example, The GEs SmartSignal that is predictive maintenance service by Accenture can reduce industrial maintenance cost for companies up to 30%. (Teschler, 2017). Here we have image of GEs smartsignal: Figure : GEs Smart Signal (News.cpecn.com, 2017) Advanced Ways to track and analyze Equipments As we have discussed above that analytical maintenance can be considered an effective way for sensors usage for the industrial internet of things. There are various other companies that are using sensors for real-time data tracking (Intel, 2017). According to analysis, we got to know that By Michelin some of its tires that are embedded with sensors are sold and these tires tracks consumption of fuel, tire pressure, temperature, speed and location. The collected data by sensors is sent to a Michelin cloud service and there analysts analyze that data and recommend to truck managers that how fuel can be saved. Here we have prime example of Industrial Internet related solution that is Michelin innovation sensor and analytics solution which is used for upgrading age-old tires and other industrial equipments. The usage of sensors in real time data tracking provides time-saving results and also save money (i-SCOOP, 2017). In following way Michelin Innovation Sensor is used: Figure: Michelin Innovation Sensor. (Tyrepress, 2017) Increased Revenues The revenue growth is first demand of every industrial company and Industrial Internet of Things applications have made it possible. There are various companies that are still at initial stage of using industrial internet of things (Controleng.com, 2017). With GE SmartSignal predictive maintenance service, Accenture Company has earned $5 billion in revenue this year. But it is still just an initial stage in usage of Industrial Internet of Things (IIoT). So from this, we can estimate that if starting earning revenue is this, then in future company will get much more (Xilinx.com, 2017). Useful for Different Industries There are various things that can be done with the help of Internet of Things in different industries. Through Industrial Internet of Things, it has become easier to add sensors to machinery, for example, tractors, airplane turbines, conveyor belts etc. Besides this, with the help of Industrial Internet of Things companies can analyze data, use of sensors for improving efficiencies and increasing revenue and can use automatic systems (Neiger, 2017). Potential for Quality Control in Manufacturing In field of manufacturing, IIoT has potential for quality controlling, sustainability and green practices, overall efficiency of supply chain and sustainable and green practices (Insights and Data, 2017). The Industrial Applications of Internet of Things (IIoT) is motivating the fourth wave of industrial revolution. The industrial applications of Internet of Things (IoT) are motion control, predictive maintenance, machine-to-machine, smart grid and energy, advanced and connected medical systems and big data analytics (Insights and Data, 2017). From following image it will be cleared that how IIoT is useful for manufacturing industry. Figure: IIoT in Manufacturing Industry. (A Tech Heaven - IoT Data Science. Innovation, 2017) Standard Solution IIoT is flexible, standard-based solution that has potential to combine software programmatically, hardware optimization, real time processing and peer-to-peer connectivity with the security and safety that is required for IoT systems. Besides this, Industrial Internet of Things is vividly changing fields of manufacturing, medical, cities, transportation and other industrial sectors. According to experts, IIoT is happening now with its noticeable and measurable business impact. Connect Users with Advanced Technologies Of course, it is not possible that all companies see the benefits of Industrial Internet of Things (IIoT) services right now, but there are also some companies that have not yet invested in this field. But with the large investments of big companies in Industrial Internet of Things and using equipments that are embedded with sensors and helpful for data tracking, competition is increasing in market. According to statistical data, the worldwide spending of Industrial Internet of Things (IIoT) will hit the $500 billion by 2020 (Industrial-ip.org, 2017). References Neiger, C. (2017). 3 Key Benefits From the Industrial Internet of Things -- The Motley Fool. [online] The Motley Fool. Available at: https://www.fool.com/investing/general/2015/12/12/3-key-benefits-from-industrial-internet-of-things.aspx [Accessed 5 Apr. 2017]. Controleng.com. (2017). Industrial Internet of Things (IIoT) benefits, examples|Control Engineering. [online] Available at: https://www.controleng.com/single-article/industrial-internet-of-things-iiot-benefits-examples/a2fdb5aced1d779991d91ec3066cff40.html [Accessed 5 Apr. 2017]. Teschler, L. (2017). The benefits of the Industrial Internet of Things. [online] Design World. Available at: https://www.designworldonline.com/benefits-industrial-internet-things/ [Accessed 5 Apr. 2017]. i-SCOOP. (2017). Industrial Internet of Things (IIoT): benefits, standards, innovations and barriers. [online] Available at: https://www.i-scoop.eu/internet-of-things-guide/industrial-internet-things-iiot-saving-costs-innovation/ [Accessed 5 Apr. 2017]. Xilinx.com. (2017). Industrial IoT. [online] Available at: https://www.xilinx.com/applications/megatrends/industrial-iot.html [Accessed 5 Apr. 2017]. Industrial-ip.org. (2017). How Internet of Things Will Change Industry | Internet of Things | Industrial IP Advantage. [online] Available at: https://www.industrial-ip.org/en/industrial-ip/internet-of-things/how-the-internet-of-everything-will-transform-industries [Accessed 5 Apr. 2017]. Intel. (2017). Internet of Things Applications Across Industries. [online] Available at: https://www.intel.in/content/www/in/en/internet-of-things/industry-solutions.html [Accessed 5 Apr. 2017]. Insights, S. and Data, B. (2017). 3 Internet of Things examples from 3 industries. [online] Sas.com. Available at: https://www.sas.com/en_us/insights/articles/big-data/3-internet-of-things-examples.html [Accessed 5 Apr. 2017]. News.cpecn.com. (2017). Volume 9. [online] Available at: https://news.cpecn.com/eNewsV11N3/news.htm [Accessed 10 Apr. 2017]. Tyrepress. (2017). Michelin launches fleet tyre management apps. [online] Available at: https://www.tyrepress.com/2015/10/michelin-launches-fleet-tyre-management-apps/ [Accessed 10 Apr. 2017]. A Tech Heaven - IoT . Data Science. Innovation. (2017). IoT Impact on the Manufacturing Industry (Part 2). [online] Available at: https://deniscanty.wordpress.com/2015/04/01/iot-impact-on-the-manufacturing-industry-part-2/ [Accessed 10 Apr. 2017].