ANALYTICS IS THE WAY OF THE FUTUREIOT application is a given.
Looks like ITT has a large canvas to work with.
Great story shaping up here.
Internet of Things talks up JV with New Hope
Internet of Things Inc (C:ITT)
Shares Issued 152,877,557
Last Close 3/29/2017 $0.115
Thursday March 30 2017 - News Release
Mr. Michael Frank reports
INTERNET OF THINGS INC. TO COMBINE DATA ANALYTICS WITH IOT APPLICATIONS FOR ENHANCED PRODUCTION AND OPERATIONAL EFFICIENCIES
Internet of Things Inc. is providing additional insight into the recently announced joint venture with New Hope.
The company's planned joint venture partnership with New Hope Data Technology Co. Ltd., a New Hope Group-affiliated and -invested company (collectively, New Hope), is focused on bringing industrial IoT (Internet of Things) solutions to Chinese factories. As part of this program, New Hope has built out a robust data analytics platform and a professional services team, that works with factory management to monitor and analyze industrial processes and inputs, converting them into actionable insight and knowledge. This helps management improve operational stability, product quality, profitability and reduce downtime.One of the key challenges that many Chinese factories face, is lack of common communication interfaces between the machines, operators and managers. According to GSMA, China leads the world in the adoption of Machine-to-Machine ("M2M") services, with 74 million connections at the end of 2014, representing almost a third of the global base, and is expected to grow at an annual rate of 29% to reach 336 million connections by 2020. M2M connections, which involve connecting multiple machines, devices and appliances to the internet by multiple networks, are a key part of the Internet of Things.
International Data Corporation ("IDC") research identifies the Internet of Things as one of the key drivers to the Chinese Government's National Industry Innovation strategy, as it serves as an important driver to transform and upgrade traditional industries. At present, Chinese industrial enterprises' status is often described as Industrial 3.0 as they require significant improvements, especially in cost control, production efficiency and process management. More importantly, the Internet of Things combined with Big Data, will help push forward the third wave of China's information technology transformation. IDC projects that the Industrial IoT market in China alone will grow from US$215.5 Billion in 2016 to US$361.0 Billion by 2020.According to New Hope, "there are thousands of Chinese factories just in the chemical industry sector alone that still rely on paper-based reporting systems. In addition, banks are now requesting that Chinese manufacturers institute Industrial IoT solutions, in order to help them mitigate operational and financial risks. New Hope is looking to partner with providers of IoT solutions that address this M2M communication gap; provide real-time plant and equipment monitoring and analytics; provide predicative monitoring and analytics capabilities; and advanced energy management systems. The goal is to help New Hope's network of factories and businesses, in addition, to other customers across China to become part of the Industry 4.0 revolution.""We believe that New Hope's Big Data platform, will enable our joint venture to clearly differentiate itself, and provide customers with leading end-to-end solutions for their growing Industrial IoT requirements," said Michael Frank, IoT Inc.'s President & CEO. "Our vision includes integrating a suite of IoT solutions in a modular way, which will meet the needs of individual organizations amongst the New Hope owned factories and other manufacturing facilities across China."
About Internet of Things Inc. (TSX VENTURE: ITT) (FRANKFURT: 71T) Internet of Things Inc. (www.iotintl.com) is an Internet of Things (IoT) software and solutions provider. The company acquires and implements strategic and disruptive technology solutions targeting the industrial IoT markets, including manufacturing, energy management, agriculture, transportation, social, cybersecurity, e-commerce and fintech.
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