Industrial IoT Edge Is Now Creating Savings and Opening the Door to New Revenue Sources for Enterprises

The benefits of an Industrial IoT edge solution range from helping an enterprise achieve maximum profitability and uncover new revenue opportunities, to reducing energy consumption, and ensuring a level of quality. A panel of Industrial IoT experts from IOTech, Eaton, Mitsubishi Power, and Schneider Electric recently discussed these benefits, innovation success and challenges in IIoT edge computing systems during a recent webinar.

Coordinated by IOTech and moderated by company CTO Jim White, the webinar brought together Industrial IoT leaders to discuss how industrial sector companies and OEMs are producing real world edge solutions to disrupt the marketplace, create new revenue streams, save precious resources, and lead their sectors in innovation.

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Key insights delivered during the session included:

• The industry is now entering a phase where IoT is actually creating savings for enterprises, specifically related to maintenance and reducing the downtime of assets
• The ability to analyze data at the edge combined with machine learning is creating new predictive maintenance opportunities, which ensures a level of quality for enterprises
• With a clear return on investment, Industrial IoT has moved from proof-of-concept to full scale deployment
• Security remains a focus, but it is now managed as part of the development and product life cycle. It’s an ongoing process to maintain the required level of security

“We structured the session so that our panel of experts could provide detailed, real-world insights for the professionals and technologists working on their own edge/IoT solutions,” said White.  “We covered a wide variety of topics, addressed the challenges along with the benefits, and provided tangible examples of how companies are generating revenue, optimizing their resources through Industrial IoT edge solutions.”

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Predictive maintenance, energy consumption, standards of quality, new revenue sources and optimized profits were a few of the items discussed. Panel members reiterated that the key to any successful IoT edge deployment is to focus on the customer’s use case.

“It’s all about focusing on the problem the customer is trying to solve or the performance the customer is trying to achieve,” White said.

Some of the challenges discussed by the panel of experts included brownfield deployments, legacy equipment and protocols, heterogeneous systems, and the cloud-edge relationship.

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[To share your insights with us, please write to sghosh@martechseries.com]