The industrial Internet of Things represents a “tremendous opportunity for innovative companies looking to unlock new revenue sources” by packaging their products with new digital services, according to a new report from outsourcing and consulting firm Accenture.

The industrial IoT combines sensor-driven computing, industrial analytics and intelligent machine applications into a single environment of connected intelligent industrial products, processes and services, and will generate data essential for developing corporate operational efficiency strategies, the study says.

But the report, “Driving Unconventional Growth through the Industrial Internet of Things,” finds that the industrial IoT also provides a rich opportunity to drive revenue growth through new, innovative and augmented services for a rapidly expanding marketplace.

“Industrial companies have long supplemented their product revenues with services,” Paul Daugherty, chief technology officer at Accenture, said in a statement. “But innovators, companies that understand that every business is a digital business, are using this technology to create product-service hybrids that provide new growth opportunities and pave the way for pioneering the next generation of industrial products.”

According to the report, innovative industrial companies can drive growth in three ways: boost revenues by increasing production and creating new hybrid business models; fuel breakthrough innovations through intelligent technologies; and transform the workforce to cultivate the new skills required for industrial IoT jobs.

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