The Industrial Internet
Industrial Internet and massive IoT have the opportunity to increase productivity and streamline industrial manufacturing technology by accumulating and making sense of data from production lines and equipment. Furthermore, it allows manufacturers to become predictive, understanding when and where faults are likely to occur, mitigate risk and reduce downtime. A recent paper by GE proposed that a 1% increase in productivity in industrial processes could translate to US$10-15 trillion increase in global GDP over 15 years. The opportunity to use data to increase productivity is not only beneficial to a firm, but to broader society as well. Enabling IoT network technology such as LPWA, as well as unlicensed players, together with cloud-based solutions, give manufacturing firms access to more information than ever before.