Why Industry Needs to Accelerate IoT Standards

Abstract

We review the fundamental problems of standardization for data transfer and security. With those basics established, we move on to formulate key factors for the continued growth of IoT. Then we review a general approach for implementing IoT in a business, and describe four recognized Fast Paths for IoT payback. We focus on the Remote Operations Fast Path, and specifically on its implementation in the mining industry by Goldcorp, a major mining company. We present the business case for IoT at Goldcorp, and then describe the benefits reaped by its implementation.