The "Industrial Internet of Things" or IIoT is forecast to become a multibillion industry in the next three to five years. Technology is advancing rapidly as platforms such as Predix from General Electric and MindSphere from Siemens enable manufacturers to connect more and more devices to rich cloud services. Just as the Internet transformed the way people interact with each other, IIoT platforms are transforming the way we interact with machines – and the way machines interact with each other.

This process of change is the source of a significant amount of insecurity for companies. What will the impact of IIoT be on your traditional business? What should your new business model look like? Should you develop your own IIoT platform or choose an existing one? How can you harvest additional value through new digital services? And what should you keep in mind when embarking on this challenging journey?

In this publication we offer a structured view of the IIoT and the layers of companies operating within it.

1. First, we offer guidance on how to define a future role for your company (Step 1).
2. We then show the options for your offering (Step 2)
3. and what to consider when choosing the IIoT platform (Step 3).
4. We also identify where you can leverage the IIoT to create additional value for your core offering (Step 4).

Finally, we look at some of the key success factors for mastering the process, based on our insights from companies that started adapting their business models early on.