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Industrial Internet of Things Adaptation: A Question or A Solution?
For the IIoT to achieve its full potential, industry segments must work with innovation pioneers and regulatory bodies to put in place the standards and strategies required to empower further investments.
Apart from security, the IIoT can only be adopted if manufacturers follow consistent industrial standards prepared by an organization. Similar products manufactured by different companies need to follow a certain standard that will allow them to work under a common platform.
The third challenge that the IIoT faces is in the context of product specifications. A product to be functional under the IIoT should adopt data-centric designs that will focus both on receiving and generating data. The outcome-based economy developed by the long-term adaptation of the IIoT will require transformations in the business models designed by industrial equipment manufacturers. The transition from a product-oriented to a service-oriented model is a constraint confining IIoT adaptation.
The other big issues that electronic industry experts have been discussing are in regard to device management, power efficiency and power consumption. The lack of a knowledgeable labor force and a common learning ecosystem is another challenge that the IIoT is likely to face after its adaptation.
The fate of the IIoT depends on its adaptability and capacity to incorporate new innovations. It will change the premise of internal competition, requiring OEMs to shift from a conventional business model to an outcome-based model. As the Industrial IoT has uncovered promising applications in every industry, it has attracted substantial levels of venture capital.
For the Industrial Internet of Things to achieve its full potential, industry segments should work together all the more intimately with innovation pioneers and regulatory bodies to put in place the standards and strategies required to empower further investments.
Kaukab Ibrahim is a strategy analyst at GSMA Intelligence, in India.
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