Progress in technology and its related advancements continue to change the way business is done. What once used to be buzzwords, are urgent priorities for organizations. Collection of data, organizing and converging systems that are separate are making the difference and are paving the way for businesses to look forward.
PLATFORMS ARE ON THE RISE:
The most popular companies share a common trait, that is, investing more on building platforms and not just focusing on selling products. Companies in the Silicon valley have been able to leverage network effects and that’s something they have learnt and perfected over a long time. It is something that gives these companies a different edge over competitors in the other sectors, since this gives them more exposure and there is more scope for information to get digitized. Building a platform isnt anything new, except a tool that is open, inclusive and has strategic focus.
Platform is creating waves in the industrial sector. There are various platforms like software, hardware, IoT, infrastructure, connectivity, etc. Trends show that both automation companies and solutions till end users are slowly turning towards a platform approach, which is a move away from buying separate devices and tools for individual purposes and towards the idea of building automated platforms on which various applications can be tested and applied.
MAJOR COMPANIES ARE INNOVATING AGGRESSIVELY:
ExxonMobil, the world’s largest publicly traded international oil and gas company, gained a lot of attention when it chose Lockheed Martin to provide them with next generation automation software to conduct its refining and chemical processes. They have set out on a goal to challenge traditional and conventional practices and to forego with them to shorten project cycle times and lower investments. Through this Exxon hasn’t just dominated the market share but also changed the way things are done.
Another organization to utilise this concept was General Electric (GE). Besides making unconventional machines on large scales, they also imbibed automation technology into their products to collect data. GE changed the entire approach towards data collection and now makes heavy machinery with intelligence built inside them by investing heavily in software and analytics.
OT AND IT ARE CONVERGING:
Information technology has a more communicative purpose and covers a wide variety of technologies to provide data for information processing and forward it to enterprise levels. Operational technology is the base of the machinery and related equipment used on the manufacturing sites. When visualized they were both developed separately, but current trends require the both to unite and produce results helpful for business.
IT worked its way down on the management side of business keeping track of data-driven infrastructure. On the other hand, OT worked upwards for collecting data from machinery and assets to monitor and control manufacturing equipment. But with the advent of IoT and the innovation in resourceful data has made both sectors collide.
It helps organizations make informed decisions through greater amount of data, lower costs, reduce risks in business and come up with different optimization business techniques through communication and control.