Unscheduled downtime is the biggest threat to maximize profit as per the Honeywell study. And IT leaders are seeing the solution to tackle this in form of a proper Industrial Internet of things (IIoT) ecosystem. As per the surbey an IIoT ecosystem is where the data is not just interpreted but also actionable outcomes are obtained on what is wrong where and what should be done about it is obtained from it.
Tight budget has been the unanimous problem for manufacturing industry yet, 68% of decision makers are currently investing in IIoT and data analytics while 67% plan to increase this investment, as per the report.
Out of 33% companies who admitted to be lagging in data analytics usage, 26% have no plan to invest in it.
However, data analytics and IIoT have moved up the priority list of manufacturing industry in particular, as the organisations believe that IIoT ecosystem will harness actionable results and profitable outcomes.