Industrial internet of things (IIoT) describes a vision where industrial companies transform into tech stars
Industrial internet of things (IIoT) describes a vision where industrial companies transform into tech stars by Sampsa Tiainen at 12:05 PM 18/2/2016
The tech boom of the 1990s and 2000s left heavy industries mostly untouched. Industrial giant GE fell from its position as the most valuable company in the world. In 2012, it was no longer even the most valuable company in the US, having been eclipsed by tech giants Apple, Google, and Microsoft, driven by software.
GE did sell billions of dollars worth of software, the kind used to run pumps or monitor wind turbines. Yet, it had not been able to fully exploit the Internet until IoT technologies matured.
In 2012, GE presented its vision for an Industrial Internet (of Things)* (IIoT). GE would no longer just build machines and service them, but create intelligence within the machines that would collect and parse their data, which GE would use to optimize machine performance to undreamed-of-levels. 
The new business model strikes an agreement between GE and a customer for a certain outcome, rather than a certain functionality. "We're getting to the point of selling trust, not engines," said a GE software manager. 
" We believe the industrial Internet could be twice the size of the consumer Internet. … While old-line industries haven't seen much of a payoff from the Internet yet, once they get moving they could become bigger users than either tech companies or consumers." 
References:  Lawson, S. (2015) ”Heavy Industries May Be The Looming Giants of the Internet,” ComputerWorld;  Regalado, A. (2014),“Why GE Invented the Industrial Internet,” MIT Technology Review;  Crowe, P. (2015) “Here’s What GE CEO Jeff Immelt Means When He Talks About The ‘Industrial Internet’,” Business Insider;  Gertner, J. (2014) ”Behind GE’s Vision for the Industrial Internet of Things,” Fast Company;  Evans, P. & Annunziata, M./GE (2012) “Industrial Internet: Pushing the Boundaries of Minds and Machines”;
Above mentioned is an excerpt from the study "Finnish machinery industry and the industrial internet of things - the revolution will be digitized" produced by Prosia Executive Search, 2016, author Ph.D. Teea Mäkelä
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