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As IIoT develops, it is expected to fundamentally change the business landscape across the industrial sectors. The ability to create and execute IIoT strategy becomes crucial to the continuing success of a business – increasing its value to customers and enhancing competitiveness in this shifting landscape. When a business starts to formulate their strategy it must consider a myriad of factors to quantify the value of their IIoT investments and the best approaches to realize the ROI. This article describes three main themes to capture the essence of Industrial Internet applications: Smart Maintenance and Operations, Global Optimization and Local Autonomy.