The adoption of the Internet of Things (IoT) impacts every economic sector – from manufacturing to healthcare, from smart cities to retailers. The main objective of IoT is to predict conditions, prescribe solutions, and automate processes. How can it reach its full potential? The IoT has to solve some challenges first – ensure interoperability, increase the level of data readiness, and utilize the power of artificial intelligence. The intelligent machine, powered by AI, can achieve a predictive state which is a game-changer in process-oriented sectors. By harnessing the power of Industrial IoT, avoiding undesired conditions, companies can increase revenues and achieve business outcomes. That’s why converging to IoT-AI has become increasingly relevant for manufacturing, oil and gas, and mining companies.
At the Forefront of Innovation
Relayr is committed to realizing the full potential of IoT in the industrial space. The company has received the 2019 Growth Excellence Frost Radar Award for continuously innovating and creating new products and solutions that serve ever-evolving customer needs. Frost Radar is an analytical tool that benchmarks companies’ innovation focus and growth performance in a given market. Among 60 global industry participants, Frost & Sullivan has independently ranked the top 23 companies in the Frost Radar analysis (Figure 1).
Figure 1. The Frost Radar. Global Emerging Industrial IoT-AI Platform Market
How do you measure success in the IoT field? The Frost Radar positions companies based on 2 major indices – the growth index and the innovation index. The growth index is a measure of a company’s growth performance and track record, along with its ability to develop and execute a fully aligned growth strategy and vision. The innovation index is a measure of a company’s ability to innovate products, services, and solutions that are developed with a clear understanding of disruptive Mega Trends, are globally applicable, can evolve and expand to serve multiple markets, and are aligned to customers’ changing needs.
The Time is Now
Why is it so critical for industrial companies to embrace the IoT disruption? The borders between the OEMs, the servicers, and the operators, are now overlapping. Future-proofing your business should be a top priority to survive and thrive in a changing environment. When embarking on a business transformation journey, it is essential to find a reliable partner to ensure long-term IIoT success. Find out more about relayr in the Frost & Sullivan report.