Any time an industry experiences disruption, information flies at a rapid rate and sometimes it’s hard to separate myth from reality. Manufacturing is in the midst of digital transformation. It’s not surprising that commonly held beliefs about disruptive technology, such as edge IoT, are a mix of fact and fiction. Test yourself to see if you know which of the following statements are true and which are myths.
1)There is high risk and high cost to getting an IoT-based connected product or operation running.
Rather than immediately piloting a prototype — and, often, abandoning the project if it fails — you have the option to run digital experiments with your IoT system. Digital experiments allow you to learn, proving how your IoT system will work with your partners’ solutions and showing how your system will deliver the greatest value.
You can minimize risk by taking advantage of Digital Experiments
. This allows you to pay a reasonable cost with no added capital expenditure to experiment with your prototype and prove or disprove your business theory in the provider’s environment, rather than investing to build your own. Experimenting allows you to optimize your IoT system and know for certain that you’ll get the results you need when you implement it in your operation.
Note: Incurring high costs and high risk may not be a myth if you choose to approach testing your IoT project with a traditional pilot.
2) There is a high-level of effort required to deploy an IoT-based connected product or asset.
There’s no need to build your IoT system from scratch. All of the technology is available to create a connected environment, including ways to connect legacy equipment. A smart strategy is to base your IoT system on open source technology. Committing to open source makes it easier to track a product through its entire lifecycle from raw materials to end user. Open source also facilitates integrations with third-party solutions, rather than facing the challenge of trying to integrate proprietary systems.
It’s vital to find the right partners who are also committed to open source to build the fully connected system you need, and to more easily scale as your business grows or needs change in the future.
3) The lifespan of a business is getting shorter and shorter and business model innovation is critical to survival.
Digital transformation isn’t an option. It’s a matter of survival. Credit Suisse
reports that Fortune 500 companies now have an average lifespan of less than 20 years. Your company’s survival will depend on your ability to adapt and to compete with startups that are more agile, unencumbered by legacy equipment and manual processes, more open to innovation, and, often, more willing to embrace new trends.
To stay competitive beyond the average business’ lifespan you must constantly evaluate change and risk, maintain a strong commitment to research and development, and make investments in technology that will help you operate more efficiently and grow — rather than shrink — as new players enter the market.
4) More data is being produced and captured, causing more data silos.
You only need to look as far as the gap between OT and IT to see that this statement is true. Both areas of your business are collecting massive volumes of data, but it isn’t necessarily shared and available where and when it’s needed. Edge IoT solves this problem by:
- Connecting what’s currently unconnected
- Enabling computing at the source of data
- Allowing data to freely flow wherever it’s needed
Edge IoT will help you break down data silos, but also extract the greatest value from your data, moving it across the OT-IT divide to use it rather than let it stagnate.
5) Cybersecurity is critical to all businesses and should be a priority to all employees.
Digital transformation requires new endpoints and new systems — and potentially more vulnerabilities that can lead to security breaches. It’s vital to take a security-first approach to your IoT system, controlling access, encrypting data, and ensuring all devices, equipment, and applications are secure. Further, you need to train employees on security best practices to minimize vulnerabilities created by human error.
6) Where, how, and when valuable data is created and captured is changing rapidly.
Digital transformation is creating the opportunity to collect data from new sources in new ways, and businesses have the opportunity to experiment and learn what will produce the greatest value to their operations. The optimal solution for your business could look very different than the big data analysis you conduct now. Opting for the status quo could inhibit your ability to innovate and grow.
What’s Your Reality?
Is your business trapped in the past by processes that are rapidly becoming outdated? You can make a vision of an efficient, innovative, profitable operation a reality with technology such as edge IoT, which allows you to extract value, reimagine processes, and position your company more competitively. Don’t believe the myths. Make decisions for the future of your company based on data.
Learn how ADLINK can help you get started on your path to IoT reality with your own Digital Experiment