IIoT’s Immense Entrepreneurial Opportunities

The optimistic temperament of successful entrepreneurship is what has tremendously shaped and revolutionized our world today. Our present world as it still unfolds is the direct results of the incredible vision, the extremely indefatigable beliefs and inconceivable risks implementations of past entrepreneurs.

From Thomas Edison to Andrew Carnegie to Henry Ford, to Bill Gates and Steve Jobs, from Jeff Bezos to Larry Page and Sergey Brin and so on. All, at some point of beginning, were deemed crazy and their ideas were reckoned absurd, improbable and at best unworkable.

And yet all the amazing comforts, ease and reliefs’ of this particular millennium are undeniably accredited to their extraordinary achievements, gives implausible credence to remarkable entrepreneurial characteristics such as vision, risk taking and the ability to spot opportunity.

Billionaire entrepreneur and founder of Spanx, Sara Blakely once said: “Embrace what you don’t know, especially in the beginning, because what you don’t know can become your greatest asset. It ensures that you will absolutely be doing things differently from everybody else.”

The Industrial Internet of Things (IIoT) may seem a little remote and far-flung but so was the internet, search engines, World Wide Web, smart phones etc just a couple of years ago. Is it not still fresh in our memories and isn’t it just like yesterday when we were all sated with our Nokia 3310’s? But what’s the fad today?

Is the stratum of technological operation not overly sophisticated today in comparison to just seventeen years of human prediction judging from the eon of Nokia 3310 till date? There is a definite, eclectic and very prospective sphere of entrepreneurial influence and exploration in the Industrial Internet of Things (IIoT).

Incredibly smart entrepreneurs are currently evaluating and assessing the plethora of opportunistic forays readily available in the Industrial Internet of Things (IIoT), whether it’s Automated production, Digitized manufacturing, Integrated control systems, Smart factories, Analytics and big data, Industry integration strategies, Cloud, Medical device manufacturing, Artificial intelligence (AI), Asset management and maintenance, Transportation and Logistics (T&L), Freight monitoring, Aviation, IT security, Communication systems, Intelligent data systems, Supply chain monitoring systems, Vehicle/transport tracking, Smart grid for electricity, Oil and Gas, Network transmission/distribution, Predictive maintenance, Data-enabled services, Robotics, Mining, Internet of Robotic Things (IoRT), Connected ecosystems, Advanced software’s, Cyber-physical connected systems (CPCS), Cyber-physical production systems (CPPS),  Innovation, Connected logistics, Facility management, Smart warehousing, Energy consumption optimization, Industrial heating, Ventilation, and Air conditioning, Ozone, Gas and temperature monitoring in industrial environments, Industrial connectivity solutions and so on.

The main driving benefits of the Industrial Internet of Things (IIoT)

The main driving benefits of IIoT according to research done by Morgan Stanley are depicted in the report below:

benefits of IIOT

The main steps to optimize Industrial Internet of Things (IIoT) projects

The main steps to optimize IIoT projects based upon DELL’s presentations are depicted in the report below:

optimize IIoT projects

The market opportunity of the Industrial Internet of Things (IIoT), is extremely huge and entrepreneurs of incredible wit and vision must create new business opportunities around these modalities. The McKinsey Global Institute forecasts the economic impact of IoT reaching as high as $11 trillion by 2025, and a massive chunk of that is predicted to live in business and industrial applications.

According to McKinsey, the real promise is in the Industrial Internet of Things (IIoT).

In general, organizations that adapt their business models and implement the shift towards digital and disruptive technologies will find themselves more competitive on the global stage, vastly more productive and with tremendously more capability and capacity.

 

udu revThe article was written by T.T UDU REV., Entrepreneurial Consultant, Educator, Coach, Mentor, Columnist, Author of three prodigious entrepreneurial books: Gold Finger, Obsessed with wealth and The Opportunist. A passionate entrepreneur, founder, chairman and CEO – Entrepreneurs World Inc., a non-profit company dedicated to the empowerment of Entrepreneurs, Aspiring entrepreneurs and Businesses to succeed and thrive. His company till date has served the needs of hundreds of Companies and Startups in more than eighteen African Countries and three foreign countries and counting.

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