The past decade has given rise to a number of new trends such as Big Data, the cloud and the Internet of Things, forever changing how companies operate.

With the Internet of Things, organisations have access to in-depth information that's highly relevant to particular industries as it's gathered from a variety of sources. Big Data has meant companies are then able to utilise this data effectively.

The Industrial Internet is the combination of these Big Data analytics processes and the Internet of Things and is set to bring significant changes to businesses.

This article will take a look at the Industrial Internet, where it's going and how it affects organisations.

Understanding the Industrial Internet

The Industrial Internet is a powerful trend, and means companies can gain access to highly specialised information that's relevant to their business.

For example, an aerospace company can install thousands of sensors within a jet engine, and subsequently have these sensors communicate across the internet to log information in a central database. While the engine is in use, the sensors accumulate data such as the speed at which components are moving, air pressure and structural tension.

The aerospace company can then use this data to better understand what causes issues within the engine, and where improvements can be made. It's easy to see how there's far more relevant information generated through use of the Industrial Internet than other trends.

Of course, it's not solely limited to use by large aerospace companies, as a range of businesses can also take advantage of this trend. Sectors such as power generation, manufacturing, healthcare and distribution can all make use of improved access to relevant data.

A growing trend

This is expanding, and it's predicted to see significant expansion in the near future. In fact, a study titled Defining and Sizing of the Industrial Internet predicted that global spending could reach US $500 billion by 2020. This is conservative too, with the study explaining that it could in fact reach as high as $15 trillion of global GDP by 2030.

Given this massive growth, it's certainly time for businesses to begin preparing to take on the trend.

A study from GE and Accenture found that the executives of industrial companies are already aware of value of the Industrial Internet, and are ramping up Big Data spending to enhance access to new sources of information.

The two companies performed a survey as part of the study, and noted that 73 per cent of companies are investing more than 20 per cent of technology budgets on Big Data, and over two in 10 are investing above 30 per cent. This spending is also predicted to increase during the next year.

Companies across various industrial sectors are increasingly ramping up analytics spending, especially in sectors such as oil and gas, rail, manufacturing and aviation.

There's certainly no denying it's worth business consideration, given the growth of this trend.

What organisations can do

The Industrial Internet isn't something that's implemented overnight, however, especially in businesses that have an established way of garnering information. As such, it's important the endeavour is put in place with an appropriate management framework guiding the implementation.

PRINCE2 is an effective option, being one of the most highly-developed and utilised project frameworks in the world. With PRINCE2 training, businesses are using a methodology that's been constantly refined and upgraded. In addition to this, it's a highly flexible framework that suits a number of projects.

By implementing the Industrial Internet with PRINCE2, a company can ensure that the trend is put in place correctly, with a low chance of errors or significant setbacks.

Get in touch with ALC Training/PDA today if you'd like to find out more about the most appropriate ways to handle an Industrial Internet implementation.