The definition of the Industrial Internet of Things IIOT (a sub-segment of the Internet of Things IoT) includes two key components: 1/ the connection of industrial machine sensors and actuators to local processing and to the Internet, and 2/ the onward connection to other important industrial networks that can independently generate value.
The main difference between the consumer / social Internets and the Industrial Internet is in how much value is created. For consumer / social Internets, the majority of value is created from advertisements. The value created from the Industrial Internet is much greater from the same amount of data, and has three components:
- The value of increased efficiency of the industrial plant equipment and long-term maintenance and management of the equipment. In research this is found to be always above 10% and as high as 25%
- The value contribution to adjoining Industrial Internet networks, such as balancing short-term positive cash flow against additional long-term equipment costs such as maintenance
- The value contribution of disruptive new business models is a wild-card that could, in a few cases, be dramatically high, or in most cases moderate or zero.
PrismTech's Vortex Intelligent Data Sharing Platform provides an ideal connectivity solution for the Industrial Internet delivering the right data to the right place at the right time all the time.