The Internet of Things (IoT) also has broad industrial applications. The Industrial Internet of Things (IIoT) goes far beyond a refrigerator alerting people to a shortage of butter. Connected machines managed by artificial intelligence automate manufacturing jobs, increase production speed, and enhance safety and security. Although large companies recognize the advantages presented by IIoT, the complexity of adopting the technology requires a significant initial investment prior to realizing value.
High Expectations But Modest Growth
The deputy managing director at Advantech Europe said that initial projections for 2020 predicted adoption of 50 billion IIoT devices by industry, but only 8.5 billion devices became operational last year. Facilities often lacked the network capacity to add so many connected devices. Much of the anticipated growth in IIoT appears to be awaiting widespread 5G installation.
Industry Interested But Uncertain
The possibilities enabled by IIoT create a roadblock in themselves. Company leaders often struggle to figure out the best approach for increasing operational value when so many options exist. They need to find the best solution for their application and develop the internal talent to manage an ongoing IIoT operation. It is not a single set-and-forget installation. The need to engage with new suppliers and specialists and overcome device compatibility issues drives up the cost of IIoT adoption.
Solutions From Razor Labs
The problems posed by IIoT upgrades naturally inspire entrepreneurs to find solutions. One such company out of Israel, Razor Labs, offers smart machine management with SaaS in the cloud. The company connects existing heavy machinery with sensors to gather data and initiate remote operation. This approach reduces investments for industrial companies while allowing them to upgrade systems with automation and AI.
Has your company explored IIoT? What hurdles would your organization have to overcome to gain value from this technology?
ABOUT Razor Labs
For years organizations have been focused on digitization and automation, stacking piles of data and improving networking and computation power; The era of Big Data has allowed us to ask more meaningful and more ambitious questions than ever before. It is now time to achieve genuine impact on business objectives with the power of Artificial Intelligence.
Razor Labs is a leader in the AI industry and is your partner on the journey for ROI from AI. We work day and night to empower enterprises to reap the benefits arising out of the AI revolution. Deep Learning technologies are in the heart of everything we do, transforming seas of data into insights that support your corporate objectives.