By Brian Albright, Field Technologies
Software vendors and manufacturers are taking service to the next level with connected equipment.
The Internet of Things (IoT) could revolutionize field service, and the underlying technology involved in connecting assets and equipment to the network already has in many ways. Many companies have leveraged machine-to-machine (M2M) technology to improve service operations. Within the past year, however, field service technology vendors and manufacturers alike have rolled out IoT-based solutions that provide a fuller picture of exactly how much service could change.
The IoT is going to be a big deal in service and plenty of other sectors. In fact, McKinsey Global Institute thinks we may be understating the value of the IoT. According to the company’s report, The Internet of Things: Mapping the Value Beyond the Hype, the IoT has a potential economic impact of $3.9 trillion to $11.1 trillion by 2025. Business-to-business application will capture roughly 70 percent of that value, and industrial and worksite applications will contribute heavily to that figure as well.