IIoT Funding

A broad vision with stretches beyond merely the technical aspects, industry 4.0 is an industrial transformation.

A transformation with Big Data, automation, cloud-computing, IoT, data exchange, AI, and other industrial techniques to achieve industry and manufacturing goals, this fourth wave of industrial revolution is bringing the change in the way ‘factories’ operate.

What is IIoT?

IIoT is a segment of the colossal concept of the Internet of Things. To simplify, IoT is a network of smart computing devices and objects connected to collect data with a central cloud-based service in the centre to finally share it with end users.

When the IoT is applied to the manufacturing industry, it is called IIoT (or Industrial Internet or Industry 4.0). It is predicted that IIoT will dramatically transform the manufacturing by enabling the possession and availability of far greater amount of data, at greater speeds and more effectively than before.

It should be no surprise that many companies have already implemented the IIoT by leveraging its intelligent system in their factories to improve the productivity.

Living in an interconnected world, this is the most exciting times for industrial sector to boost its growth. Looking at the statistics for the past 5 years, following are the trends for the search terms:

IIOT Trend
Source : Google Trend

 

Even though this is the most sought-after trend in the industry, it has left many business professionals in a tizzy with the big question - How do I get started? The basic know-how and knowledge stock is still lacking.

 

Industry distribution in IIoT
The 4 stages of Industrial Revolution

How To Get Started?

The implementation of industry 4.0 envisages every step towards an entirely new digital era and enterprise. In order to achieve success in this digital transformation, it is crucial to define the roadmap in the most accurate way.

Here are some pro-tips to get started with your Industry 4.0 project:

  1.  Chart out the complications

    Industry 4.0 is a heavy term and may leave you puzzled if the path is not clearly defined.

    The IT issues can cause you expensive production outages. Before starting, you need to realize that avoiding and eliminating any possible technical snag is the first step to achieve the desired result.

    In the beginning, you have to mark out areas where there is a possibility of losses and sectors where data is available.

    The Industry 4.0 could help you assess the potential of each of the possible industry where you want to venture and their respective losses.

    Let’s suppose you are a manufacturing company with a lot of manual work processes. Lack/excess of adequate skill-sets to expedite the process can be your possible losses/opportunities section.

    Asset utilization with quality areas is what you should to start with.

  2. Dream Big, Start Small

    Only quality attracts the success. When starting with the IIoT, it is advised to work and create the value of your services. Choose an area of expertise where chances of success are high. Taking the previous example of a manufacturing company,  asset utilization should be your first target to achieve. It should be easy for you to demonstrate the value of your work since you understand the area better.

    To get started you can use following tools to assess your readiness-

    Sight Machine – Digital Readiness Index (DRI)

    PWC – Industry 4.0 Self Assessment

    EY – Digital Readiness Assessment (DRA)

    An Industrial or Manufacturing capability can be divided into following areas:

    One can only begin with a successful project if the data is available and is accessible to all. Once the data is available and accessible, the visibility across lines/plants/regions is easy to achieve. Once you plan out the areas where you can drive value - improve productivity and availability - it easy to achieve the desired results.

    Following the basic principle of Industry 4.0 -- connecting machines, work pieces and systems -- businesses can create intelligent networks along the entire chain controlling each other autonomously, thereafter.

  3. Increasing the Organization’s Effectiveness Level

    You can’t lead a group, let alone an organization without an effective leader. Organizational capability is an important component, and more than that is the effective leadership. The effectiveness includes seeking the right sponsor for the program, funding, getting the project team resources. The effectiveness quotient also includes the need to protect industrial know-how for the industrial automation gear.

    To bring bigger sponsors on Industry 4.0 project you must understand that new and emerging technologies and solutions are being developed very fast. Hence you need to keep experimenting to succeed.

  4. Keeping the Security Tight

    Since, industry 4.0 involves, interconnectivity and interoperability, security is one of the biggest challenges surrounding its implementation. Companies need to ensure that the data is secure and away from (even remote) vulnerabilities.

    Security is one of the major challenges since, connected devices run into parallel fashion, they may experience explosion into any vulnerability.

    Companies like Symantec, Cisco, and Penta Security have started to address the issue of IoT security, in the wake of increasing online security breaches. Cybersecurity and privacy have become an important issue, therefore. Moreover, one of the main reasons which hold IIoT initiatives back are concerns regarding security and IIoT is, as said a key component of Industry 4.0.

     

To Sum Up

Even though the challenges are quite evident, benefits of Industry 4.0 model cannot be ignored.  

Keeping in sight that there are industries which can dangerously affect lives of workers, the health and safety of human workers could be improved dramatically with industry 4.0 implementation. Reports even suggest that markets like India could benefit tremendously from Industry 4.0 practices.

For this, Industry 4.0 needs to be seen as a tool to improve the speed and agility of your decision-making.

In case you are planning to make a shift, we would like to hear from you. Drop a message at hello@iotahead.com