IoT isn’t coming…The device revolution is already here.
By 2025, the IoT market will reach $3.9 trillion to $11.1 trillion. 1
If you don't know what IoT or IIoT is, you MUST get educated. This WILL change the way we all work and play. You may already be using the technology and don't even know it. Got a Fitbit or equivalent? How about a WIFI thermostat, or IP Camera in your house?
For people in the manufacturing space... "The Internet of Things (IoT) has split the manufacturing business wide-open, blurring the distinction between hardware and software and creating a once-in-a-lifetime opportunity for original equipment manufacturers (OEMs). For OEMs who have experienced cost and commoditization pressures, the news couldn’t be better. Finally, they have the tools and ability to reinvent their businesses" 2
It is now easy and inexpensive to "cloudify" old completely disconnected technology, with IoT wireless technology. An example might be an electrical motor powering a furnace circulation fan or stirring a tank. You have maintenance or production people record the electrical current draw per shift or daily because you want to "know" if the current draw changes which may indicate an (imminent) failure somewhere. Your people faithfully fill out the paper form hanging on the clipboard. When it's full, someone throws it in a filing cabinet, never to be seen again.
With IoT technology you could have a small cheap device continuously measuring the current draw, storing it in the cloud every minute. You setup a notification to receive as a text message and/or email, when the reading moves beyond specified bounds. Or better yet, you setup a statistical rule that looks at trends and it fires out a notification when the statistical analysis says something does not look right. No more human labor to record and throw away readings and you get REAL useful information and automatic notifications when something is REALLY important. This is easily done for less than $100/point.
If you have questions, please send them, i'd be happy to discuss the future with you.
1 James Manyika, Michael Chui, Peter Bisson, Jonathan Woetzel, Richard Dobbs, Jacques Bughin, and Dan Aharon, “Unlocking the Potential of the Internet of Things,” McKinsey, June 2015.