Funding Internet of Things innovation out of Industrial Internet savings

The Internet of Things refers to a broader and more human-centric concept that apart from experimental and fragmented pet projects actually is evolving from the M2M Industrial Internet. The Industrial Internet essentially is the plumbing for the Internet of Things: the IT behind it. Now, billions of dollars are lost each year by not conserving industrial water. Therefore, intelligent machines, real-time actionable data and enhanced processes must become the norm in water reuse. New technologies can take businesses to the next level of productivity and efficiency, says General Electric. U.S. companies also should stop wasting 7.5 billion gallons of industrial water every day. They now can reach a 33% reduction in industrial water losses and even more is possible. If nothing is done, unnecessary capital expenditures will cost the U.S. Oil and Gas Industry 90 billion dollar over the next 15 years. 66 billion dollar will go wasted in Power Industry fuel costs over the next 15 years. But integrated automation can bring 80% additional capacity and again, even more is possible. The Industrial Internet of Things is one big opportunity. As for Europe, such an open global Industrial Internet that connects machines, data and people could add €2.2 trillion euro to EU GDP by 2030. My take: why not partially fund Internet of Things innovation out of Industrial Internet savings and bring them together in smart master plans to fulfill the promise of a productivity revolution? Sources: Internet of Things vs. The Industrial Internet: What’s the Difference? and How Big data Is Changing Big Water and The Industrial Internet of Things and Industrial Internet Promises “Productivity Revolution.”