The Internet of Things has become the buzzword in innovation and technology research. IoT comprises of intelligent devices equipped with RFID tags, wireless sensors, and products connected via wireless networks or over the internet.
Understanding how the Internet of Things affects industries and supports innovation and economic growth is essential in the new era of industrial internet. Marco Annunziata's talk at TEDx demonstrates how technology is transforming the industrial sector, and how intelligent machines can provide better, cheaper, and faster services. The industries most affected are energy, healthcare, aviation, transportation, and the automotive sector.
Intelligent machines are equipped with sensors and software intelligence embedded into devices. This intelligence generates a lot of data and ensures better analysis leading to increased machine effectiveness. This in turn helps optimize the use of machine capacity.
These connected devices are able to communicate with each other, to send notifications about their malfunctions for preventive actions, and to organize themselves to achieve better performance. Sensors, intelligent tags, and wireless communication capabilities allow remote, preventive management, better maintenance, and helps achieve zero unplanned downtime.
Why is this important?
- In the aviation industry, yearly 10% of flight delays are due to unscheduled maintenance that generates 8$ billion additional cost (loss) for the industry worldwide. As a solution aircrafts are equipped with sensors that send signals after landing to ground technicians for preventive maintenance. Due to this intelligence, over 7 million passengers are freed from the effects of delays, as the technology prevents 60,000 cancellations and delays on average in the US over a period of one year.
- In the healthcare industry, nurses spend an average 21 minutes per shift every day to look for medical equipment. IoT system for medical device tracking led to 1 hour less turnaround time, and increased efficiency and overall healthcare performance. The economic scale of efficiency in healthcare means that 1% increase can provide 60$B savings in the healthcare industry worldwide.
- In the renewable energy sector, intelligent wind turbines communicate with each other via wireless sensors, and automatically set the pitch of their blades to match characteristics of the wind. They intelligently manage their performance, and therefore generate more electricity, resulting in cheaper energy production. As technology advances, the cost of wind energy is now around 5 cent per KWH, previously 30 cent per KWH.
Expert analysts believe that the Industrial Internet and connected innovation can generate about 10$-15$ trillion GDP in growth in coming years.
To find out more about adapting to the pace of innovation in an IoT-connected era, watch our webinar recording and download our eBook below: