The Industrial Internet of Things (IIoT) has elements of the fairy tale Jack and the Beanstalk.
The technology behind IIoT, also known as Industry 4.0, which was established at HANNOVER MESSE in Germany, can be perceived as a “magical solution” where you sprinkle the beans and your business grows.
An Accenture survey of 1,400 C-suite decision makers (including 736 CEOs) from the world’s largest companies indicated that 84 percent believe that new, service-based income will result from IIoT.
However, 73 percent indicate that concrete progress is low, with just 7 percent having a funded strategy.
While the potential for the “magic” remains high, the reality of how to implement IIoT on the factory floor requires a thoughtful approach that does not start with technology or data. It starts with identifying your business needs and culture.