IIC Journal of Innovation 8th Edition | Page 43

There Are New Markets for Industrial IoT Data are embracing the Open Data 4 movement to report on their performance and to supply data that drives economic development, business innovation and better citizen services 5 . T HE I MPACT OF G LOBAL I NDUSTRIAL P OLICIES AND A CCESSIBLE T ECHNOLOGY While they use different labels, industry policy in leading nations is fueling the demand side of the IIoT phenomenon. In 2013, a German government project 1 adopted the term “Industrie 4.0”, in reference to the fourth industrial revolution, linking machines, data and services. China launched its “Made in China 2025” initiative 2 to upgrade Chinese industry comprehensively. And, South Korea launched its national IoT Master Plan 3 to foster global-scale IoT- business capabilities. The impact of these industrial powerhouses and export-led nations will raise product- management and innovation thresholds globally. The second development is access to visualization and data analysis tools, such as artificial intelligence and machine learning. These enable a variety of applications. Examples include efficient asset management as well as condition monitoring and predictive analytics applications, all of which account for tangible operational and cost-saving benefits. Data-availability is Creating New Ways to Collaborate and Innovate In addition to the impact on internal operations, IIoT data is changing the operating envelope for industrial firms. Consider the intersection of supply chain management, IIoT and the emerging field of distributed ledger technology (also known as Blockchain). The ability to register and track components in an engineering assembly lets an organization validate the quality of its products. Firms can also enhance their brand integrity by providing consumers with Two supply-side developments make this possible. One is the availability of data from connected devices. Affordable and ubiquitous connectivity makes it easy to record large quantities of data from remotely located industrial-plant and sensors on a regular basis. In the public sector, government agencies and large cities 1 Securing the future of German manufacturing industry: Industrie40 Implementation Recommendations http://www.acatech.de/fileadmin/user_upload/Baumstruktur_nach_Website/Acatech/root/de/Material_fuer_Sonderseiten/Ind ustrie_4.0/Final_report__Industrie_4.0_accessible.pdf 2 中国制造 2025 - "Made in China 2025 https://www.csis.org/analysis/made-china-2025 3 Master Plan for Building the Internet of Things, http://www.iotkorea.or.kr/2013_kor/uploadFiles/board/KOREA- %20IoT(Internet%20of%20Things)%20Master%20Plan%20-%202014.pdf 4 The Open Data Institute https://theodi.org/ 5 London Data Store, https://data.london.gov.uk/ - 42 - June 2018