It is argued that the Industrial Internet of Things (IIoT) will be the largest driver of economic growth and employment in the next decade, generating new revenue streams and markets for companies across all industrial sectors. The IIoT is already here however, with more and more companies adopting smart, connected products and solutions to their existing systems. These solutions offer new opportunities for functionality, reliability and new capabilities that disrupt traditional value chains, and have led to manufacturers across all sectors to rethink the way they do things.
The main result from the Industrial Internet panel at The 3rd Annual Internet of Things Global Summit, October 26-27, at The National Press Club, Washington, D.C. with Gary Butler (Founder, Chairman & CEO, Camgian Microsystems Corporation, Amanda Engstrom Eversole, (President – Advance Technology & Innovation, U.S Chamber of Commerce)n Stephen Pattison, (VP Public Affairs, ARM) and Ilkka Lakaniemi, (Chairman, European Commission’s Future Internet Public-Private Partnership Program (FI-PPP)), moderated by Rob van Kranenburg, (Founder, Council, and Community Manager of SocIoTal.eu) is that Industrial IoT needs an independent Forum to champion a new positive and realistic story of Internet of Things for all stakeholders involved, ranging from citizens to policy makers.
Industrial IoT is at the forefront. It sees the disruption and the huge opportunities at infrastructure level - precious resources are wasted every single day, 50% of food, up to 30% of water in cities, at service level - overcoming inefficiencies due to lack of interoperability, at system level - new forms of decision making in political processes beyond the current situations can foster a more peaceful global context, and at application level new value propositions that we don’t know today could exist can create sustainable revenue streams.
The panel expressed the conceptual difficulty of addressing the complexity of three main areas of interest that are simultaneously existing alongside each other; an industrial majority that is under serviced or not yet outfitted with IoT capabilities, an industrial minority that is tuned to predictive maintenance and out optimizing efficiency, and a tiny minority of industrial processes that go beyond this and are creating new revenue streams.
This complexity is enhanced because the full focus of the media attention and marketing is focused on the latter, sketching a bipolar vision of either full connected bliss (all your devices at your service) or horror (all your devices spy on you).
The realistic middle ground is in need of a story and a voice. As Amanda Engstrom Eversole remarked “Business can be part of the solution, especially because IoT is so horizontal.” You actually want to create new value on top of that infrastructure that you own across a vertical, according to Gary Butler. Stephen Pattison questioned the negativity around the jobs debate. IoT will bring manufacturing more closer to local consumption sites.
The lack of third party trust providers, local knowledge for SME and lack of involvement of end users in the use cases are all reasons why IoT is generally perceived as a potential and possible threat to privacy and security (results of he FP7 project SocIoTal.eu). This is not hampering the unprecedented success of individual #IoT products and platforms in closed and proprietary settings is true, but the goal is to foster a sustainable and inclusive IoT ecology. For that trust and security throughout the #IoT ecology are vital.
We should be able to build a business case for societal benefits, says Ilkka Lakaniemi. We need to broker trust.