As per consultancy firm, Accenture, it is high time India adopted the Industrial Internet of Things (IIoT). This will mean revolutionising the manufacturing scene with extremely intelligent products, processes and services that not only communicate with each other but with people over the Internet. China, France and Germany are already ahead of India in this matter.
It is estimated that IIoT may add more than $ 14 million to the world economy in the next decade or so.
Not only will IIoT be able to forecast machine breakdown and help businesses in better decision making, but it will increase the efficiency in operations due to improved productivity and automation.
Factories that adopt IIoT will be able to drastically reduce cost of operations since operations will be optimised. Money that may otherwise go into repair work will also be saved, since breakdowns will be predicted in advance and preventive maintenance can be initiated.
On the other hand, with increased automation, the rate of job creation will also dip. According to Accenture, while some jobs may be rendered redundant due to adoption of IIoT, the resulting economic growth will also lead to creation of new jobs. While machines will take over some tasks that humans were doing earlier, automation will also enhance the capabilities of humans in many ways, as the new jobs will leverage human talent and skills. Therefore, the focus for people should be on updating their skills so that they can grab the new opportunities that come their way.
The Industrial Internet of Things will not just impact the manufacturing sector in a big way, but will improve the productivity and manner of working of businesses across all sectors in the country, including finance, banking as well as media.