Five Stages of IIoT Initiatives
Connectivity breeds creativity. A deeply interconnected environment enables businesses to not only improve efficiencies but also entirely change the way they operate, manage, collaborate, and innovate.
Microsoft, partnering with IoT Analytics, in their 2023 Digital Operations Signals report, shares statistics, trends, and best practices for implementing Industrial IoT (IIoT) initiatives based on three approaches: custom-build, buy-and-integrate, and buy. Each approach is evaluated for its pros and cons.
Insights from the report
Large enterprises lean towards BUILDING their digital solutions, with sectors like buildings (89%), automotive (56%), and retail (56%) leading the charge.
Electronics (57%) and machinery (52%) companies are more inclined to BUY-AND-INTEGRATE, leveraging AI for predictive maintenance (61%) and augmented reality for operations (60%).
The pharmaceutical sector (31%) prefers to outright BUY solutions, optimizing sustainability and operational networks.
Key takeaway?
Thanks to preconfigured data models, dedicated support, and harmonized cybersecurity measures, a robust IoT vendor ecosystem dramatically accelerates the journey from concept to value.
Budget woes have receded, yet cybersecurity and a widening knowledge gap loom large as todayβs hurdles. Despite these challenges, the embrace of IIoT has surged, with a notable ππ% of manufacturing assets now connected and ππ% having partially or fully implemented IoT strategies, showcasing an industry at the cusp of the 'early majority' adoption stage.
This pivot towards digital is not just about technology adoption but a comprehensive shift towards enhancing efficiency, sustainability, and creating a resilient future in uncertain times.
What can manufacturers do with this insight?
Identify your approach: Whether it's BUILD, BUY-AND-INTEGRATE, or BUY, align your strategy with your company's strengths and sector tendencies.
Leverage partnerships: Strong vendor ecosystems can shorten the path to value, providing not just tools but critical support and cybersecurity assurances.
Focus on talent development: Address the knowledge gap with targeted training and partnerships to ensure your team can navigate and capitalize on IIoT technologies.
References:
Microsoft - Digital Operations Signals - Industrial IoT Solutions Spotlight, 2023: https://info.microsoft.com/ww-landing-digital-operations-signals-iiot.html?lcid=en-us
