What is special about Industry 4.0? It has not only improved industrial technology significantly but also brought this sophisticated technology within reach of SMEs. But then, there is a web of hype surrounding Industry 4.0 and related concepts like digital transformation and IIoT, which prevent many enterprises from leveraging the benefits.

Since the emergence of the fourth industrial revolution (Industry 4.0), enterprises have started giving priority to digital transformation strategy in their agenda for growth. With the advancements in IIoT (Industrial Internet of Things) and data analytics, it is possible to fetch and process zillions of data for bringing automation in field operations and supply chain management. Simply put, data-driven automation has become the first step of digital transformation in the industry worldwide.

Implementing an effective digital transformation strategy not only improves the competitiveness of modern enterprises but also boosts their productivity and capability to make informed decisions. Though the hype has surrounded IIoT and Industry 4.0, these technologies have several use cases with proven ROI. Interestingly, these use cases are applicable to all major industry sectors. It is fair to mention that these use cases are the driving force for the increasing adoption of IIoT in various industry sectors.

Accenture’s recent market report “Winning with the Industrial Internet of Things” has predicted that IIoT could add around $14.2 trillion to the world economy by the year 2030. Let’s understand the role of IIoT and digital transformation strategy to gain more ROI over the period.

Read More: Industrial Digital Transformation – Converting Hype to ROI

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