IIoT: Driving unconventional growth through the Industrial Internet of Things
The Industrial Internet of Things (IIoT) has been heralded primarily as a way to improve operational efficiency—but in today’s environment, companies can also benefit greatly by seeing it as a tool for finding growth in unexpected opportunities
To succeed in digitally contestable industries with the IIoT, executives will need to formulate new business models and go-to-market strategies at the macro level, rethink their core business and operations, and introduce intelligence into products, services, processes and more. They will also have to open up their manufacturing operations, production facilities and product designs to new information technologies.
The IIoT is both a growth play and a defensive maneuver for today’s manufacturers, energy producers and service providers. If incumbents do not identify and exploit these opportunities, new entrants and startups will begin to influence and capture their customers. So how can executives at industrial companies exploit the revenue-generating opportunities of the IIoT?
This report from Accenture combines their research on IIoT uses cases and current thinking, along with conversations with their clients and subject matter experts, suggests that executives must meet three imperatives: boost revenues by increasing production and creating hybrid business models, fuel innovation with intelligent technologies, and transform the workforce for the IIoT.
In addition, the report outlines seven steps to help companies move forward quickly and confidently to harness the IIoT’s potential.
Presented in association with the Industrial Internet of Things Summit