Why we need telecom industry expertise for the Industrial Internet of Things
“The technical expertise and the capabilities that telecom operators and other parts of the industry have built up over the years is extremely valuable for the Industrial Internet of Things. This is not something that can be replaced by others”, says Derek O’Halloran, Head, Future of Digital Economy & Society, World Economic Forum.
IIoT: a step change for industry
A couple of years ago the World Economic Forum (WEF) studied the impact of the Industrial Internet of Things (IIoT) on industry and society, finding that:
77% of executives thought that the Industrial Internet of Things would prove to be disruptive to their businesses.
78% thought this disruption would happen within the next five years.
88% said their organisations were not prepared for the changes to come.
This suggests that the IIoT will have far-reaching consequences, and not just from a technical perspective as it brings considerable innovation and new business models.
New services and partnerships will bring new value to customers and new operational efficiencies. More broadly, new supply and value chains could have a positive impact on the environment.
One of the striking things about the IIoT is that it will involve companies from multiple and different industries. New types of partnerships will be a step change for many organisations, including working with competitors or across a range of different industries.
On the one hand, we have a lot of people looking at the transformation that this implies and asking themselves: what is our core capability? What is our place in this ecosystem? what are we bringing to the party? This can be a daunting prospect for many organisations. On the other hand, there is a lot of interest in the business world, especially around mobility, healthcare, smart manufacturing and energy. These and other areas will definitely be seeing a lot of excitement and innovation.
Source: TelecomTV, World Economic Forum on global economic value of the Industrial Internet