Industrial Internet of Things (Industrial IoT) is the term that connects smart devices to business values. Industrial IoT introduces several new ways to enhance and innovate existing business models or to evolve a new business model from core business. As organizations are always willing to grow their business in all possible terms (revenue, productivity, market reach, user satisfaction), involving new technology in a business is one of the ways to improve all areas of the business. The 2020 Covid-19 pandemic has revealed the fact that organizations that are more adapted to new technologies have more possibilities to grow even in times of the pandemic.
The growth opportunities will remain out of reach until there is a real harmonization of interoperability, optimization of data collection, sharing, and analytics. The Industrial IoT offers the possibility to connect all knowledge streams from all sectors of business. Organizations can adopt new business models based on Industrial IoT to extend their growth opportunities in new directions such as services, platforms, or product innovation.
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