Guest post by Jeremiah Stone, GM of Asset Performance Management at GE Digital.
Bit Stew Systems recently commissioned a survey by IDG Research of senior IT executives to better understand how organizations are being impacted by the Industrial Internet of Things (IIoT) – the steps being taken to prepare for it, the potential benefits the IIoT offers, and the challenges encountered along the way.
Jeremiah Stone, General Manager of Asset Performance Management, at GE Digital, shares his insights on how the research findings match up with his experience at GE.
Industrial companies are in the midst of an exciting and transformational digital journey. At the heart of this transformation is the power of real-time and predictive data analytics to unlock new sources of value. However, challenges of big data, unique to the Industrial world, and the threat of digital disruption and changing workforce dynamics are real.
In order to maximize the fast-moving technology wave of the Industrial Internet, companies need to think strategically about the foundational elements of their data architecture, starting with industrial data management.
Abundant Data by Itself Solves Nothing
Despite the promise of big data, industrial enterprises are struggling to maximize its value. Why? Abundant data by itself solves nothing. Its unstructured nature, sheer volume, and variety exceed human capacity and traditional tools to organize it efficiently and at a cost which supports return on investment requirements. Inherent challenges tied to evolution and integration of industrial information and operational technology, make it difficult to glean intelligence from operational data, compromising projects underway and promise for further investment and value.
Research Confirms Data Integration is Slowing IIoT Adoption
We have seen first-hand, how data integration has challenged IT and OT teams for decades. The advent of IIoT adoption is compounding the problem. The insights from the IDG survey match up well with our experience. Senior IT executives are echoing the sentiment that data integration is the #1 barrier inhibiting IIoT adoption in their organizations. 64% of senior IT executives surveyed said that integrating data from disparate sources/formats and extracting business value from that data is the single biggest challenge of big data. As we go forward, driving technology advances and best practices to integrate disparate data sets is critical.
Lack of Preparedness will Cost your Business
According to the survey, senior IT executives are saying the biggest risk of not having an IIoT strategy in place is losing valuable data insights which can significantly cost their business. 87% state the most concerning risks of not have a data management strategy is they will be overwhelmed by the volume and veracity of data being generated, and they will lose valuable business insights as a result. In addition, 33% say they are afraid that businesses that don’t adopt a data management strategy will become marginalized, obsolete or disappear.
Finding a Better Way: Maximizing Value from Machines and Enterprise Data
At GE, we are experiencing first-hand a better way—a better way to manage industrial big data that triggers insights. We are in the early stages of a long journey of discovery and invention, taking a longer-term view to strategic data management and its technologies that translate to business advantage. Our businesses, customers, and partners are committing their business success by transforming to become data-driven businesses. At GE Digital, we are investing in our capabilities and the ecosystem to deliver the right solution to help them get there.
To extract meaning and value from industrial data, new systems are required to handle the challenges posed by the volume, velocity and variety of these data sets. Many industrial companies have already started their digital journeys towards Industrial Internet maturity. Technologies including automated integration and empirical data model management, machine learning and physics-based analytics, that we have been deploying for our customers, are now seeing double-digit performance gains across the following sectors: power generation, oil and gas, transportation and mining.
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This blog post originally appeared on Bit Stew Systems’ blog page, Bit View.