NR2326

NEWS RELEASE                                                                                        February 2017

Progress will be One-Third IIoT and Two-Thirds IIoW

The Industrial Internet of Things (IIoT) has already accelerated the increase in GDP and is predicted to add more than $10 trillion to world GDP by 2030. All this will be made possible by the proliferation of cost effective sensors and wireless transmission. Digital process management will utilize this data to better operate industrial processes.

The focus is on changing the way we gather and utilize numbers, but not on how we change the way we gather and utilize thoughts. However, IIoT progress will be much faster if we adopt the Industrial Internet of Wisdom (IIoW). It can be argued that IIoW improvements will be twice as important as IIoT improvements. IIoW improvements such as Google are providing digital access to information but not necessarily maximizing the ability to move from data to information to knowledge to wisdom.

IIoT creates instantaneous opportunities. IIoW needs to adapt to achieve the IIoT potential.  Some aspects of IIoW date back thousands of years.  Tri-annual exhibitions at European crossroads are organized on thousand year old traditions. Peer reviewed papers need to be submitted months before publication.  These traditions must change to take advantage of instant opportunities.

Data Analytics is the IIoT mantra for creating wisdom from knowledge. There is lots of room for improvement in the IIoW version of data analytics. Innovations in one industry are ignored in others. Individuals in different divisions of a company often are more competitive than collaborative.  How many gatherings provide true debate of issues?  Why is 5 to 10% of the world’s niche expertise lost through retirement every year?

The potential for changing IIoW to take advantage of digital tools and IIoT is so large that you can argue that the formula for progress is 1 x IIoT + 2 x IIoW.  So a dollar spent on improving IIoW will be twice as valuable as one spent on improving IIoT.  But there are many more dollars being spent on IIoT improvement than on IIoW, so large resources should be devoted to improving IIoW.

McIlvaine is pursuing this need by offering clients a combination of its Industrial IoT and Remote O&M service with its other product and industry focused services.  Each week McIlvaine is conducting a free webinar to probe the potential in one industry or product.  This schedule is shown at Industrial Internet of Things (IIoT) N031 Industrial IoT and Remote O&M. (Formerly Air and Water Monitoring) click on: http://home.mcilvainecompany.com/index.php/markets/2-uncategorised/106-n031

Summaries of IIoW empowered IIoT for specific products and technologies are provided at:

Ultrapure Water Market bolstered by IIoT will exceed $12 billion in 2026

$22 Billion Sedimentation and Centrifugation Market will take many Potential Purchasing Routes

IIoT and NOx Control:  The Opportunity and the Challenge

IIoT and Thermal Gas Treatment:  The Opportunity and the Challenge

$5 Billion Cleanroom Market will be Increasingly Impacted by IIoT Technologies

Industrial IoT and Remote Operations and Maintenance Will Generate Revenues In Excess Of $1.4 Trillion

Gas Turbine Opportunities for Valve Companies Shaped by IIoT

IIoT is Creating New Market Paths to the $1 Billion Gas Turbine Plant Pump Repair, Replace and Service Market

IIoT is Creating New Market Paths to the $100 Billion Gas Turbine Repair, Replace and Service Market

IIoT is Creating New Market Paths to the $400 Million Gas Turbine and Reciprocating Engine Liquid Cartridge Replace and Service Market

IIoT is Creating New Market Paths to the $700 Million Gas Turbine and Reciprocating Engine Air Filter Repair, Replace and Service Market

Remote Support is a $1.6 Billion Potential Business for Precipitator Product and Service Companies