The Journey to the Industrial Internet
For the next four weeks, I will cover the journey of the Industrial Internet. The world is changing. We’ll explore what this means in the New Industrial Age—from exponentially increasing data sets to emerging techniques in data science to platform developments that bring it all together.
A new kind of platform is needed to serve the unique requirements of industrial companies. Industries such as aviation, mining, oil and gas, power generation and transportation represent a large part of the global economy and touch the lives of everyone on the planet. These capital-intensive industries have long-lived assets, such as aircraft, generators, locomotives and turbines that are mission-critical. With the advances in sensors, hardware, and software and analytics, we are able to prolong the lifespan of these assets while simultaneously optimizing their efficiency and minimizing their energy consumption.
The challenge is that, over the life of these assets, vast amounts of data are generated. With the advent of data science, there is a need to sample the sensors faster and faster, generating even larger, more untenable data sets. Storing, accessing, processing and analyzing this data are the keys to the unlocking a longer lifespan and higher return on asset.
Companies that excel in leveraging their data will no doubt be the winners of tomorrow and the masters of industry. They will be the companies that offer more reliable service at lower cost and generate more margin and value. To master industry, you must first master your data. Welcome to the new age of the Industrial Internet.
Note: This post is part one of a five-week series examining the journey of the Industrial Internet.