Technology is booming now more than ever, and every day brings new products and functionality for every unimaginable task. It is not just about mobile apps and computers anymore; instead, it is all about embedded systems and Internet-of-Things (IoT) devices that have quickly become so commonplace in our day-to-day lives.

Traditional businesses are projected to be disrupted and revolutionized at an unprecedented rate as the Internet of Things (IoT) emerges. These new technologies have the potential to benefit the insurance business, which has been hesitant to adapt in the past. Before we get into how the Internet of Things will affect insurance, let’s define what we mean by “IoT” in this context.

Hitachi Vantara today announced the new Lumada Industrial DataOps portfolio with core IIoT platform framework capabilities. With this release, we are making it easier for organizations to take advantage of real-time insights and outcomes that can make critical operations more predictable and manageable. One of the highlights of this release is the introduction of IIoT Core software, which includes digital twins, ML (machine learning) service, and user interface components.

More than a decade into the Internet of Things (IoT) era, the immense potential of IoT is becoming real. We’re moving from proof of concepts and pilots to projects at scale. What’s become increasingly clear is the vast complexity of deploying IoT solutions at scale and the necessity to do so to become a data-driven business.

If your business is in the process of digital transformation, IoT technology may be factoring into your plans. IoT gives organizations across industries new opportunities to foster a more direct connection with customers. It lets them collect new data, turn that data into insights, and then turn insights into action. IoT has become so prevalent that companies in most industries can’t afford to put off adopting it.

In the age of a new normal, remote monitoring and control have become a necessity across the enterprise. The prominence of IoT extends beyond its traditional purpose of sense and integration, evolving to complete end-to-end Enterprise Digital applications that represent physical assets, processes, and environment as a replica in a virtual representation.

Historically, maintenance has been driven by a preventative schedule. Today, preventative maintenance, where actions are performed regardless of actual condition, is giving way to Predictive, or Condition-Based, maintenance, where actions are based on actual, real-time insights into operating conditions. While both are far superior to traditional Corrective maintenance (action only after a piece of equipment fails), Predictive is by far the most effective.