SAN FRANCISCO, CA: Accenture the multinational tech services and outsourcing giant comes up with a report entitled “Winning with the Industrial Internet of Things” that highlights the growing scope of Industrial Internet of Things (IIoT). The report predicts that it could fetch about 14.2 trillion U.S dollars to the global economy by the year 2030.
According to Accenture, IIoT will open up a “future where the intersection of people, data and intelligent machines will have far-reaching impacts on the productivity, efficiency and operations of industries around the world”. The report also points out that embedded software will become the competitive advantage for companies in the nearby future. “Without it (embedded software) and the engineering know-how to sustain it, companies will not be able to develop the products and services needed to enable new opportunities, while satisfying existing demand”.
Accenture has provided a four step process for companies to seize the opportunities which comprises of operational efficiency, creating new products and services by promoting innovation, by installing intelligent embedded software, and automation. To survive competition the companies will have to frame out hybrid business models, rethink their core business and operations, and introduce intelligence into products, services and processes.
Back when electricity was discovered the US grabbed the opportunity by creating whole new market by coming up with products like the light bulb. Similar is the case with IIoT, the company which can successfully adapt itself will become the market leader and others will have to play catch up. Though many companies are trying to make the transition, there is still a long way to go.