The Internet of Things: The Next Industrial Revolution
Manufacturing took a giant leap forward during the Industrial Revolution as machines were deployed to take on processes previously done by hand. Today, the Industrial Internet of Things is pushing us toward another dramatic burst of progress, with manufacturers deploying connected sensors to help them manage and maintain the machines.
For industries like oil, gas and mining, these advances can’t come too soon. In the face of increased global competition and volatile markets, operations executives are under significant pressure to cut costs while improving performance. But their ability to compete is often complicated by a toxic combination of manual legacy systems and loss of the skilled workers who run these systems through retirement or downsizing.
The Industrial IoT provides an answer to these challenges, enabling industrial machines to securely connect and share data over a virtual private network using the Internet. Through wireless sensors that continuously monitor processes and equipment of all types, the Industrial IoT makes it possible to automate functions and manage them remotely.
This automation is extraordinarily valuable for refineries and offshore platforms that are located in environments we call “4D”– dirty, distant, dull and dangerous. In these harsh areas more than any, Industrial IoT can increase efficiency, improve performance and enhance profitability. But most importantly, it keeps people out of harm’s way.
Beyond this, Industrial IoT allows aggregation of information from machines, which can then be analyzed in real time. These data insights allow executives to discover trends and make adjustments to achieve Top Quartile operational performance.
Industrial IoT can dramatically change how manufacturers run their businesses. By quickly and continually pulling process and monitoring information as well as production, supplier and customer data, the technology lowers costs, increases efficiency and speeds response time. It also ensures equipment is fixed before it fails, further lowering costs and boosting the bottom line. The IoT’s uses are as unlimited as the types of machinery that sensors can monitor.
The possibilities of the Industrial IoT are endless: Management consulting firm Accenture predicts the global Industrial IoT landscape will be worth $14.2 trillion by 2022.
The IoT requires a shift in mindset. Industry executives might not see automation—only 4 percent of an average facility investment—as strategically important. They might not understand that real-time data informs actionable decisions and can boost performance to cut costs in areas like energy use, maintenance and production.
Introducing a new operating model may also seem daunting, but the Industrial IoT doesn’t have to be adopted all at once. Companies can start small, using options such as Smart Wireless technology that can detect leaks of flammable liquids or steam.These solutions can deliver meaningful cost savings with minimal investment, while setting the stage for broader deployment of Industrial IoT.
Leaders in oil, gas and mining are already transforming their operations via Industrial Iot. As this new Industrial Revolution expands, those who make the transition early will realize significant competitive advantages.
By Peter Zornio Chief Strategic Officer | Emerson