Winning With The Industrial Internet Of Things
Winning with theIndustrial Internetof ThingsHow to accelerate the journeyto productivity and growth
2 Winning with the Industrial Internet of ThingsSeizing the opportunityJust when you thoughtthe digital revolution was toofocused on consumers, alongcomes the Industrial Internetof Things (IIoT). Arguably thebiggest driver of productivityand growth in the next decade,this latest wave of digitalinnovation will acceleratethe reinvention of sectors thataccount for almost two-thirdsof world output.1Accenture estimates it could addUS 14.2 trillion to the global economyby 2030,2 and that there will beparticularly significant gains forthe real gross domestic product (GDP)of mature economies.Contrary to conventional wisdom,Accenture research suggests that thisnext generation of digital technology willalso benefit workforces of the future byaugmenting skills and redefining tasks.The potential economic benefits of the IIoTmay be massive, but they are by no meansguaranteed. Realizing returns begs twokey questions: Are companies preparedto take full advantage of this opportunity?Are governments putting the rightconditions in place to facilitate progressand capture benefits?Although a few pioneers are reapingrewards from their early investments,widespread adoption is hampered by majorchallenges. Accenture analysis reveals thatmany CEOs may be overconfident abouttheir readiness for the IIoT. It also showsthat many countries lack the full spectrumof enabling conditions required to spurthe application of these new technologiesacross their economies.As the world struggles to emergefrom a phase of weak productivitygrowth, fragile employment and pocketsof inadequate demand, the IIoT offersa chance to redefine many sectors andaccelerate economic and employmentgrowth. However, to seize theseopportunities, businesses andgovernments must intensify theirefforts and escalate investments.The Industrial Internet of Things is a network of physicalobjects, systems, platforms and applications that containembedded technology to communicate and share intelligencewith each other, the external environment and with people.The adoption of the IIoT is being enabled by the improvedavailability and affordability of sensors, processors andother technologies that have helped facilitate captureof and access to real-time information.
Winning with the Industrial Internet of Things 3Securing economic growthThe raw technical conditionsfor the widespread adoption ofthe IIoT are highly favorable. Thenumber of sensors and deviceson which the IIoT depends hasalready reached tens of billions.There is a difference, however, betweenthe availability of these technologiesand capitalizing on their full potentialby applying them effectively withinorganizations, through entire supplychains and across multiple industries.Consider the emergence of electric powerat the turn of the last century. Electricity didnot become mainstream or transformativeuntil the United States took the leadin embedding it across the wider economy.It was one thing to light the streets;it was another to reinvent factories aroundpowered assembly lines, retrain workersand standardize manufacturing processes.The substantial boost to productivity laidthe foundations for entirely new markets.The United States’ head start in electricitygave the nation an advantage in developingand leading a range of related sectors,from the light bulb and domestic appliances,to automotive, semiconductors or software.Likewise, if the IIoT is to generate economicgrowth, company and country leaders willhave to think unconventionally as the rulesof competition, production and servicedelivery change. Accenture estimates thatthe IIoT will lift real gross domestic product(that is, adjusted for inflation) by 1.0 percentin 2030 over trend projections for 20 majoreconomies studied. And if those economieswere to increase their IIoT investments by50 percent and improve the underlyingenabling conditions in their respectivecountries, this could rise from 1.0 percentto 1.5 percent in that year. Looked atcollectively in 2030, Brazil, Russia, Indiaand China (BRICs) will see correspondingincrements to annual GDP of 0.2 percenton average and, with enhanced investmentsand measures, 0.5 percent.The United States’ economy will gainUS 6.1 trillion in cumulative GDP by 2030.By taking additional measures, for instance,to improve the country’s broadbandinfrastructure, this figure could rise toUS 7.1 trillion. This could mean that theUnited States’ annual GDP is 2.3 percenthigher than trend projections in 2030.Including additional efforts and investments,Germany could lift its cumulative GDPby US 700 billion and the United Kingdomby US 531 billion within the next 15 years.3This would raise German gross domesticproduct and United Kingdom gross domesticproduct by 1.7 and 1.8 percent, respectively,in 2030 over trend projections.How can this economic uplift be achieved?In particular, Accenture estimates thatChina looks set to see greater economicgains from the IIoT than Russia, India orBrazil. With IIoT-enhancing measures inplace, China could see its cumulative GDPrise by US 1.8 trillion by 2030, raisingits GDP in 2030 by 1.3 percent overtrend projections.By 2030, the Industrial Internet of Things could be worth (US dollars)2 7.1trillion to theUnited States 1.8trillion to China 700billion to Germany 531billion to theUnited Kingdom
4 Winning with the Industrial Internet of ThingsCreating the outcome economyToday, the IIoT is helpingto improve productivity,reduce operating costsand enhance worker safety.For example, in the petroleumindustry wearable devicessense dangerous chemicalsand unmanned aerial vehiclescan inspect remote pipelines.However, the longer-term economicand employment potential will requirecompanies to establish entirely newproduct and service hybrids that disrupttheir own markets and generate freshrevenue streams. Many of these willunderpin the emergence of the “outcomeeconomy,”4 where organizations shift fromselling products to delivering measurableoutcomes. These may range from guaranteedenergy savings in commercial buildingsto guaranteed crop yields in a specificparcel of farmland (Figure 1).Figure 1.The path to theoutcome THE OUTCOMEECONOMYAt Marathon Oil refineriesemployees wear a wirelessmulti-gas detector that tracksexposure to harmful gases.Plant managers can monitorstatus, location and safetyof all employees on site andindividuals press a panicbutton to call for help.Caterpillar has started usingindustrial analytics to help itsdealers succeed. The companyharnesses and analyzes datafrom its machines, enginesand services and transmits theresulting insights to dealers,enabling them to anticipateproblems, proactively schedulemaintenance and helpcustomers manage theirfleets more efficiently.In Europe, the 365FarmNetbrings together equipmentmakers Claas, Rauch, Horschand Amazonen-Werke, withBayer, financial services giant,Allianz, the European GlobalNavigation Satellite SystemsAgency and others to providefarmers with access to data andanalysis on diagnostics, crops,fertilizers and other factorsimportant to improvingcrop yield.Monsanto used mapping dataon all 25 million farming fieldsin America by field shape,type of crop, crop yields, soilcapacity and other criticalmetrics. By adding that datato Monsanto’s data on seedyields, farmers can betterunderstand which seedswill grow best in which fieldsand under what conditions.Source: Helping Achieve HighPerformance Safety Using IntelligentIndustrial Mobility, Accenture, 2013.Source: Caterpillar pushes dealersmissing out on billions in sales eachyear to increase use of telematicsdata, by Wayne Grayson, EquipmentWorld, May 21, 2014.Source: Big Data Comes to theFarm, Sowing Mistrust Seed MakersBarrel Into Technology Business,by Jacob Bunge, Wall Street Journal,February 25, 2014.Source: www.monsanto.com
Winning with the Industrial Internet of Things 5How ready are companies?It is clear that many companies are notready to take advantage of the outcomeeconomy. When Accenture surveyedmore than 1,400 C-suite decisionmakers—including 736 CEOs—from someof the world’s largest companies, thevast majority (84 percent) believe theirorganizations have the capability to createnew, service-based income streams fromthe IIoT.5 But scratch beneath the surfaceand the gloss comes off. Seventy-threepercent confess that their companieshave yet to make any concrete progress.Just 7 percent have developeda comprehensive strategy withinvestments to match.Similarly, CEOs and executives expressremarkable confidence (96 percent)that the senior leadership in theirorganizations grasp at least somethingof the nature of the IIoT. But far fewersay their leaders have completelyunderstood it (38 percent).And even this percentage seems to reflecta degree of overconfidence. Accenture,in collaboration with the IndustrialInternet Consortium (IIC) undertooka World Economic Forum IndustrialInternet Impact Survey among more than90 market leaders,6 those who are activelypursuing IIoT initiatives. The vast majority(88 percent) said that they still do not fullyunderstand the underlying business modelsand long-term implications of the IIoT.These conflicting opinions underscoreuncertainty around the IIoT. Accentureargues that many companies do notcomprehend its full potential and thatmost are not primed for the fundamentalshifts required to deliver hybrid products andservices in an outcome-focused economy.If companies are to move from recognizingthe potential of the IIoT to taking action,they need to improve their understandingthrough early experimentation and pilotswith a range of partners.Commitment to the Industrial Internet ofThings: 73 percent of businesses have yetto make concrete progress. Only 7 percenthave developed a comprehensive strategy.Source: From Productivity to Outcomes: Using the Internet of Thingsto drive future business strategies, Accenture 2015.
6 Winning with the Industrial Internet of ThingsAre countries layingthe right foundations?The evolution of electricity shows us that technological diffusionis not the same as its economic diffusion. Only once the technologybehind the IIoT combines with a number of broader social, economicand political enabling factors can countries make the most of theirproductive and innovative potential. These factors are complex,often indirect and not always under the control of the private sector.Accenture terms these enabling factors thatexplain the extent to which countries havewoven the IIoT into their economic fabric asa country’s “national absorptive capacity”(NAC). Our ranking of major economies onthis metric can help spur policymakers intoaction.7 It can also help guide multinationalcompanies looking for suitable locations inwhich to invest their various production andservice operations.The ranking model incorporates fourmeasures of a country’s enabling factors.The business commons includes reliablebanking and finance, education, goodgovernance and a healthy network ofsuppliers. A category of take-offfactors includes the levels of researchand development (R&D), the presenceof high-tech companies and the degreeof technology skills.The wide diffusion of technologyrequires effective transfer factors, suchas the level of social and end-useracceptance, the willingness to embraceorganizational change and an ability torespond to the impacts on human capital.Finally, a group of characteristics determinea country’s ability to reach a level we termas the self-sustaining innovation dynamo,when the ubiquity of IIoT technology actsas a multiplier effect on existing levelsof entrepreneurialism and the abilityto commercialize new ideas.The Accenture ranking reveals threebroad groups: in the first group, theUnited States, Switzerland, the Nordiccountries and the Netherlands havethe most conducive environments.In the second group, Brazil, India andRussia are joined by Spain and Italy asthose countries that have weaker enablingenvironments. Finally, the remaining groupare among the world’s leading economiesthat form a middle-performing cohort(Figure 2).Figure 2. Rankings of countries’ Industrial Internet of Things enabling factorsThe NAC IndexNAC SCORE64.0 63.9 63.2 62.4 61.859.0 58.855.0 54.4 54.3 54.152.2 50.947.1 45.733.0 32.4 31.3 29.9Source: Accenture and Frontier ADASOUTH KOREAAUSTRALIAGERMANYJAPANUNITED RLAND21.3UNITED STATES1009080706050403020100A country with a NAC score of 100would be the top performer on eachof the 55 indicators compared to the otherstudy countries. Overall, the results showthat no one country has achieved this levelof NAC. In other words, every countryhas work to do.
Winning with the Industrial Internet of Things 7Good news for the workforce of the futureContrary to some accounts of the growing threat fromintelligent machines, the IIoT will make people’s workmore engaging and productive.Eighty-seven percent of business leadersbelieve that the IIoT will result in the netcreation of jobs.8 Intelligent machineswill automate mundane tasks, freeing upworkers to perform more creative andcollaborative work with wider networksof people and machines. For example,real-time data access will enable today’sblue collar workers to jointly analyze andadjust the performance of drill equipmentin a mine or design products more iterativelywith the use of rapid 3D printed prototypes.The IIoT will augment work throughinnovations, such as wearable technology.Global positioning system (GPS) navigationis an early example. Accenture and RoyalPhilips have created a proof-of-conceptdemonstration that uses a Google Glass head-mounted display for researching waysto improve the effectiveness and efficiencyof performing surgical procedures.9This solution could provide physicianswith hands-free access to critical clinicalinformation. Theoretically transferableto other industries, the application couldbe used to help field engineers repairequipment with which they are unfamiliar,for instance.As IIoT growth takes hold, the need fortalent will intensify. What is more, entirelynew categories of jobs will be created:in digital medicine and precision agriculture,for example. The demand for digital literacywill be at a premium, with new skillsrequired in specialist roles from digitalrobot design and management to transportnetwork engineering and data analytics.As digital technology blurs or removesorganizational boundaries, it will createmore flexible workplaces that will appealto sought-after Millennials and othergroups that will be required to deliver newcustomer-oriented services. The impact willbe felt on the workforce at every level andwill require greater delegation by leadershipand more decentralized decision makingby individual employees.
8 Winning with the Industrial Internet of ThingsThree accelerators toproductivity and growthGiven the clear impact of national enabling conditions ona country’s ability to take advantage of the IIoT, governmentaction will be important. It will be a balancing act.To accelerate the IIoT, countries require“hard” capabilities, such as digitalinfrastructure, and “soft” technology skillsand upskilling programs that depend oninvestment—in industries, data and people.Business should play its part in identifyingthe deficiencies in education, capital,technology or institutional frameworks,and ensure that policy action focuseson a balance of factors that can amplifyexisting competitive advantages.Governments can support directly bybringing together the public, private andeducation sectors in the promotion ofpilots that fast track innovation whilereducing the investment risks.
Winning with the Industrial Internet of Things 9For businesses, three key areas need to be addressed to accelerate theeconomy-wide, cross-industry application of the IIoT:Reimagine industry modelsCapitalize on the value of dataPrepare for the future of workIf every product is connected and enablesa new service, reinventing industrypractices and business models becomesparamount. As companies embark ona journey that begins with using the IIoTto improve efficiencies, and progressesto creating outcome-oriented, productservice hybrids, they will need to plan eachstage. How can their efforts for improvingasset utilization, for example, be used as aplatform for new services? Will a companygain most value by offering its own datato an ecosystem of partners, or fromincorporating third-party data to enhanceits own services? Should a company investin its own platform or join existing industryplatforms? How will its partnershipsevolve as a consequence?The power of the IIoT comes not only fromgenerating insightful data from physicalobjects, but also from sharing it betweenplayers within supply chains and crossindustry consortia. According to a surveyundertaken by Accenture and GE,1073 percent of companies are alreadyinvesting more than 20 percent of theiroverall technology budget on big dataanalytics. That shift requires new technicaland management skills. Further, it demandsa cultural willingness to streamline dataflow, not only within enterprises, but alsobetween them. Companies must createnew financial and governance models toshare the rewards of using common data.An overwhelming majority of executives(94 percent) believe that the increasinguse of smart products and robotics willchange the required skill and job mix inthe workforce of the future.11 Decisionmaking can be devolved to workersempowered by valuable data, while thedesign and creative process could becomemore iterative and experimental. Employeesmay have to develop working relationshipswith intelligent machines. And continuouslearning could replace traditional trainingas technologies and business practicesevolve quickly.Interoperability and security are identifiedas the greatest hurdles to progress by twothirds of those companies actively pursuingIIoT initiatives, according to a survey byAccenture, the World Economic Forumand the Industrial Internet Consortium.11Collaborators should establish theirown processes and tests to improveinteroperability while establishing commonsecurity frameworks. Governments needto work across borders with business andother stakeholders to agree who owns data,what can be shared and how liabilities willbe handled across jurisdictions.Managers will have to be willing tocollapse hierarchies and silos and openup to extended workforces beyond theirown walls. Such an approach demandsa new culture and tolerance of autonomy.Leaders must also accept the demand forindividually tailored working environmentsand experiences by creative and dispersedworkforces, while maintaining corevalues and a common purpose withintheir organizations.Companies will have to establish digitalplatforms to create global talent exchangesthat address skills shortages. Digital toolswill also accelerate skills development andsupport a continuous learning culture.Companies will need to reassess theirorganizational structures and operations.Thanks to technologies such as 3D printingand micro-assembly, in some quarters,the IIoT will reverse today’s trend ofcentralized manufacturing and localizedservices, requiring the reconfiguration ofoperations and talent.
10 Winning with the Industrial Internet of ThingsRelevant readingRead more about the Industrial Internet of ThingsThe GrowthGame-Changer:How the IndustrialInternet of Thingscan drive progressand prosperity,Accenture, 2015Industrial InternetInsights ReportFor 2015, GE andAccenture, 2014CEO Briefing 2015From Productivityto OutcomesUsing the Internet of Thingsto drive future business strategiesFrom Productivityto Outcomes:Using the Internetof Things to drivefuture businessstrategies,Accenture, 2015DrivingUnconventionalGrowth throughthe IndustrialInternet of Things,Accenture, 2014Industrial Internet ofThings: Unleashingthe pote
The Industrial Internet of Things is a network of physical objects, systems, platforms and applications that contain embedded technology to communicate and share intelligence with each other, the external environment and with people. The adoption of the IIoT is being enabled by the improved availability and affordability of sensors, processors and
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