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The technology stack as value driver in industrial equipment and machinery

SUMMARY

This report suggests how players in the industrial equipment and machinery sectors can capitalize on the emerging potential of the Industrial Internet of Things (IIoT).

The industrial equipment and machinery sector is drastically digitizing to meet the demands of consumers, competition, and commoditization. Intelligently connecting IIoT platforms and industrial automation is the new frontier in the machinery sector. IIoT platforms monitor, manage and control connected machines, which can maximize manufacturing, supply chain, and logistics. The economic potential of IIoT platforms is impressive. However, implementation is in its early stages.

In order for IIoT success, organizations should apply considerable thought to case development, platform selection, advancement needs, and monetization methods. IIoT presents system integration challenges, such as issues of data and security. Strategic organizational and technological growth are the key indicators for selecting the best IIoT platform to serve new digital services. Organizations that feel ‘stuck’ should construct a strategic plan that is associated with their specific technological and operational maturity. Organizational maturity is based on the scope and scalability of the business model and level of market readiness. A platform’s technological maturity is based on its developing capabilities, available features, and operational performance. According to industrial and manufacturing players, vendor neutrality, accessibility standards, and integration with existing systems are the biggest concerns when selecting an IIoT platform.

This report suggests five practical strategies for industrial equipment and machinery organizations. First, leaders should understand the impact of IIoT and critically assess how it presents new revenue streams. Secondly, successful sector players will focus on specific use cases. Thirdly, players should create contingency plans while laying the IT foundations for robust solutions. Business and technology leaders should build a collaborative environment. Similarly, companies need a culture open to change and experimentation.

OUTLINE

Preface

Introduction and key messages

What’s new in IIoT platforms 

How to successfully set up IIoT business models 

Outlook

Glossary

Legal notice

Authors

DETAILS

Overview

Researchfinder Rating
4 out of 5 stars
Title
IIoT platforms
Sub-Title
The technology stack as value driver in industrial equipment and machinery
Region
Global
Published
Sept. 15, 2018
Publisher
McKinsey & Company
Author(s)
Bodo Koeber, Heike Freund, Tarek Kasah, Leah Bolz
Price
FREE
Language
ENGLISH

Content

Number of Pages
48
Number of Tables
0
Number of Exhibits
15
Topics
cloud, hardware, iot, networks, software
Tags
AI performance, automation, cloud applications, cyber security, data protection, Industrial IoT, industry 4.0, iot, machine learning, McKinsey, smart manufacturing
Author(s)
Bodo Koeber, Heike Freund, Tarek Kasah, Leah Bolz
Methodology
Industry experts provide insights into the changing industrial environment, specifically the Industrial Internet of Things (IIoT).
EVALUATION

CEOs, head marketers and innovation managers will appreciate this curated guide for industrial and manufacturing players.

The report provides definitions for industry buzzwords and exhibits that visualize complicated IIoT concepts. Companies in the industrial and manufacturing sector have many questions and concerns about the impact of the Industrial Internet of Things (IIoT). From IIoT leaders to IIoT avoiders, readers will gain practical strategies for evolving their industrial management.

Positives:

  • Content relate to broad industry stakeholders
  • Comprehensive industry glossary
  • Exhibits explain IIoT platform stacks

Negatives:

  • Lacks specific case/use studies

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