Mining and other asset-intensive industries have been less-visible exponents of digital technologies than their consumer-facing peers. However, the scale of their operations means the industrial internet might well dwarf the commercial internet in the coming decades.
GE, which coined the term “industrial internet”, estimates that the industrial internet could be a $US225 billion market by 2020. The company says that it realised productivity gains worth $US500 million by 2016 from Internet of Things (IoT) applications.
Which-50’s latest digital edition looks at how the internet of things is already changing how big industrials operate.
Linking industrial equipment with sensors and software delivers tangible business outcomes. Enabling predictive analytics on an asset, or providing real-time production data to optimise performance, increases visibility and control over industrial environments. It also provides a rich vein of data that can be mined for insights into how products and services can be improved.
In this issue of Which-50’s interactive magazine, we take a deep dive into the industrial internet and its practical impact in areas such as mining, oil and gas operations. We also look at what it means for blue-collar workforces — and no, it’s not all bad.