The current fast paced world is creating new opportunities for growth every day. With emerging technology and an interconnected world via IoT, there is always room to create a new market and provide solutions for growth of older ones to create a more technologically advanced society.
The fourth industrial revolution, more commonly referred to as Industry 4.0, is characterised by the use of smart technology developed by a combination of Machine Learning, Artificial Intelligence, Cloud Computing and Internet of Things, to analyse data in order to increase efficiency and user satisfaction.
The creation of smart factories and machines, opens up a realm of possibilities, providing for solutions in Manufacturing, supply chain management, modernising enterprise applications, edge computing, smart systems, 5G and many more.
What exactly is Industry 4.0?
In a most generic way, Industry 4.0 describes a rapid shift to the use of automation and data exchange in technology and manufacturing processes, creating a system where machines rely on wireless connectivity and data analysis to monitor and process statistics and data to make autonomous decisions.
With the availability of affordable edge infrastructure and advanced connectivity technologies, Industry 4.0 has become increasingly mainstream, taking hold of the traditional manufacturing system and completely revolutionising it.
Heavily dependent on IoT, ML and AI, it has paved a way for the next revolution, one guided by robotic automation.
Why is IoT important?
The internet of things (IoT) is a computing concept that describes the idea of the network of physical objects embedded with sensors, software, and other technologies being connected to the internet and being able to identify themselves to other devices.
The data from IoT is important as it creates an improved customer experience, with greater efficiency in production and optimised monitoring and data analyses to further industrial growth.
With the changing world, the need for novel solutions is now greater, with more focus being put on the future, especially a self-sustainable one.
Businesses need to rebrand themselves, or prove themselves to be at the head of the change as reliable information providers in order to keep up with the flow of the tides.
IoT entrepreneurs need a wide range of vision to cater to the needs of the market, both the current and future, and as such the IoT businesses can be generally categorised as core, adjacent or transformational depending on the type of services it provides.
IIOT and Industry 4.0
Industrial IoT or IIoT takes the concept of IoT and applies it on large scale industrial settings with focus on instrumentation and control of devices using cloud computing.
Use of Machine-to-Machine communication to achieve wireless control was a pre-existing working concept, however, with use of cloud computing and machine learning, a new level of automation can be achieved, thus leading to unprecedented growth in revenue and creation of new business models.
Some of the more common uses of IIoT are:
- Smart manufacturing
- Smart power grids
- Smart cities
- Smart digital supply chains
While IIoT and Industry 4.0 are separate concepts, they do benefit each other and are considered as a set piece when working to increase efficiency in operation via automation.
Industry 4.0 itself is non-existent without IIoT while the concept of IIoT is inefficient without the concept of Industry 4.0 and as such, they share several common agendas.
- Focus on results and efficiency to streamline production process and make manufacturing viable and cost efficient
- Both categories heavily depend on high speed wireless communication between smart machines and constant real time monitoring and data analysis.
- People Driven and requiring constant development and implementation with people capable of interpreting data to further innovate on faster efficient processes
Benefits of IIoT
Maximising revenue – By eliminating unplanned downtime and getting to market faster, improve revenue growth
Lower operational costs – Interconnected machines and industrial data boosts productivity while lowering cost of production
Improved Quality – Market analysis and monitoring via an interconnected system improves efficiency and quality of service/product
Creating a Brand
With the vast domain that is IoT, it is difficult to find a niche to hold onto and create a business model surrounding it.
In order to keep up with the booming growth, there is a need for constant influx of novel ideas and sharing information in order to create a brand image that is credible and also due to the recent nature of all developments and a lack of general awareness, it may be difficult to provide both efficiency and sustainability.
This is where IoTAGI comes in, enabling access to technology and partnering with Industry 4.0 based service providers to curate customised IIoT solutions and help usher in a new era of digitization.
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