The Industrial Internet of things (IIoT) is set to revolutionize entire industries, from high tech (including computers and electronics) to medical technology, aerospace, and heavy equipment manufacturing and generally any complex manufacturing environment. IIoT incorporates a host of leading-edge technologies—from digital technology to advanced analytics such as big data and machine learning. Global enterprises are allocating resources in ever-increasing amounts to adopt the technologies of IIoT; most state that it is critical to the success of the enterprises' goals.
However, new research reveals investment alone will not be enough to generate tangible business impact and meet such high expectations.
Genpact Research Institute's latest study shows that the majority of organizations are convinced of the opportunities IIoT represents, but lack a clear strategy and path to its execution. The result is great disparity in terms of the projected impact of implementing IIoT as well the hurdles in the way. In our experience, this is not unusual with new technology and analytics practices that polarizes the need to work cross-functionally—across IT, analytics, and business groups—to drive process transformation not just at the “front end", such as in the field, but all the way across the middle and back office is key to align business goals with implementation strategy.