TALKING
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The industrial world is facing a data explosion . From readouts on temperature furnaces and warehouse movements to smart meters tracking energy usage , industries have more data about a greater number of operational processes than ever before . Half of all industrial data has been created in the last two years . Estimates show that another 38 % of new operational data will be stored and processed in the cloud in 2024 .
Global technology spending is expected to hit $ 5 trillion this year . Going forward , how we collate , analyse and collectively leverage this wealth of data will shape future industrial value . And a more connected world can support responsible use of the world ’ s resources during an era of unprecedented disruption . Let us take a look .
Businesses do not work in isolation . The very act of creating value requires connecting and collaborating with other entities . So why do we not connect our data streams ? All too often , industrial data remains siloed within organisations . Sometimes , it even rests unsorted and unanalysed at the point of collection .
But knowledge is power . It is only when industrial units securely share their data internally and with external partners that they can truly unlock the actionable insights needed to spark innovation and growth .
When each entity can see system-wide data in context and according to its needs , it can understand the impact of its actions for its own business , on the business of every other value chain player , as well as on the ecosystem as a whole .
Such a centralised , scalable data infrastructure creates closer understanding and real-time collaboration . Within a connected industrial ecosystem , everyone can make better decisions , business operations become more efficient , resource use is optimised , and waste minimised .
Industrial AI
Artificial intelligence , AI has shown that it can improve work in very real terms . It also helps us get the most from industrial data by surfacing actionable insights to maximise operational performance .
Rob McGreevy , Chief Product Officer , AVEVA
Democratisation of data
Many industrial businesses now use digital twins , interactive virtual representations of physical objects and processes , to simulate real outcomes and preview new ventures to address flaws and enhance decision making .
You democratise access to information , improving productivity and enhancing collaboration when you share access to the digital twin via the cloud . This kind of Industrial-Intelligence-as-a-Service , IIaaS is key to unleashing the next wave of industrial transformation .
In this new connected ecosystem , each entity across an industrial value chain shares a single digital source of truth . A single-window dashboard brings together data from disparate streams , such as industrial assets , suppliers and other value chain partners .
Think planet and profit as opposed to planet vs profit .
As the hype around generative AI dies down , we expect to see a broader uptake of different , more industrial AI tools over the coming months .
Machine learning , ML could become more widespread , but other types of AI will be used prolifically . Industries are onboarding many different AI technologies , including advanced analytics and predictive asset optimisation .
Advanced analytics programmes can effortlessly construct and run no-code AI-driven models , simplifying
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