In December, I blogged about Predictions 2014: Wager on the Internet of Everything (IoE) for the Manufacturing Industry. In terms of thought and verbal capital, investments in IoE/IoT (Internet of Things) are proliferating from top of mind to tip of tongue across industry analysts, pundits, press and producers alike. Just last week, I joined a record-setting attendance at the ARC Industry Forum 2014 in Orlando, where ARC President Andy Chatha opened the forum theme "Industry in Transition: Information Driven Enterprise in a Connected World" with a keynote focused on Planning for the Industrial Internet of Things. Just last week, I joined a record-setting attendance at the ARC Industry Forum 2014 in Orlando, where ARC President Andy Chatha opened the forum theme "Industry in Transition: Information Driven Enterprise in a Connected World" with a keynote focused on Planning for the Industrial Internet of Things. Mark Houska ofControl Engineeringdoes a nice summary here of the keynote.
The hype frenzy surrounding IoE/IoT has forecasts for economic growth and value-add (EVA) in the trillions (e.g., Cisco estimates$14.4T for Private Sector EVA over the next 10 years plus another$5T for Public Sector), as Andy states: "But this isn't just another futuristic fad." Whether it's Cisco's "Internet of Everything", GE's "Industrial Internet", Rockwell Automation's "IoT Industrial Revolution", IBM's "Smarter Planet" or the European "Industry 4.0", a lot of significant companies are investing significantly. Value propositions for Industrial IoT, as ARC articulates, are quickly advancing from compelling differentiators to must-have business capabilities and new business models.
ARC Value Proposition of IoE/IoT for Asset Owners
ARC Value Proposition of IoE/IoT for Asset Suppliers
As ARC advises, the concert of IoE/IoT constituents-intelligent assets (sensors, machines, devices); communications technology; big data; analytics; and visualization-are all coalescing into a valuable Industrial IoT and Internet of Everything whose adoption is accelerating. Those value propositions for IoE/IoT do not come without significant challenges that must be addressed by asset owners and asset suppliers alike: Industrial Cyber Security; Technology Standardization; IP Ownership; Social-Political Risk Management; and System Complexity.
Each of these is a great topic for future manufacturing industry blogs, so stay tuned! And please share your thoughts, concerns and interests. Leave a Comment and let us know what you think!