There are 4 distinct phases that are very likely to unfold in the evolution of Industrial Internet and IoT in general. Do you know what they are?
World Economic Forum did a huge research last year, and you can read the whole thing here.
Should the 40 pages feel a little bit intimidating, we picked the one thing we think is especially worth having a closer look at.
The World Economic Forum found 4 distinct phases for IoT in their research in 2014. Now, nobody can predict the future, as we know (it’s been proven time and again that monkeys throwing darts at stock portfolios perform better than so called experts.)
However, trying to cope in business without sophisticated, DATA-BASED guesses on where we are going would be to voluntarily submit to failure. Therefore, let’s have a look at these 4 phases, so that you can prepare for the inevitable.
“As depicted in Figure 1, research shows that the future evolution of the Industrial Internet will likely follow four distinct phases. Phases 1 and 2 represent immediate opportunities that drive the near-term adoption, starting with operational efficiency. These activities are happening now, and will likely accelerate in the next two years.”
As we do not want to break any copyright laws and stuff, we encourage you to click here to see the figure 1 (it’s on page 8.)
From that, we’ll see the 4 phases.
PHASE 1: OPERATIONAL EFFICIENCY
Yes, this is no longer in the future, but is actually taking place RIGHT NOW. Abundant opportunities for operational efficiency – predictive maintenance being crucial part of it – are surfacing. As you probably already know, some of the benefits here include things like improved uptime, more efficient asset utilisation, preventing breakdown of critical assets, etc.
(We have even written a book on this, and we STRONGLY encourage you to have a look at it here. Won’t cost you a nickel, but can fill your pockets in a way you couldn’t even imagine.)
PHASE 2: NEW PRODUCTS & SERVICES
As the data is turned into an asset in and of itself, Peter Drucker’s two functions of a business, 1) marketing, and 2) innovation, can be executed in an even greater fashion. Customer has always been the king, but now companies will actually have good ways to cater to him and her.
PHASE 3: OUTCOME ECONOMY
Not too long ago the majority of the people thought the world is flat. It seems a bit ridiculous in retrospect, but it was believed unquestionably at the time. In a similar fashion, business paradigms are constantly being moulded and transformed into new and better ones. And yes, one of the biggest transformations in the future is likely going to be the form in which the value is delivered to end-users. There is no way to make this happen other than making use of the data.
PHASE 4: AUTONOMOUS, PULL-ECONOMY
This might seem a bit futuristic, and we do recommend take all future predictions with a grain of salt. This is, however, a very interesting scenario indeed. One of the biggest trends here is in how the work itself is done, and how the processes serve the customer. Several layers of manual labour will most likely be replaced by data-based machines. And while this is bad news for those only skilled in manual labour, it’s very good news for the market.
Look here… If you have not yet had a look at our free book on predictive maintenance, why not? It’ll take your understanding of the Industrial Internet to the next level, and if you have certain processes in place already, it’ll show you how to create up to 9-figures of extra business simply by selling high-value services to your industrial clients.
Come on, you have to have a look at it. Besides, it’s 100% free! Click here now, and read the book (besides, it’s only 10 pages).
COO, Service Delivery
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