What Does IoT Mean for Manufacturing?
With new technologies like advanced analytics, and social listening, you have the ability to do more than some could have ever imagined. As a manufacturer, you can take advantage of millions of connected “things” thanks to IIoT – the Industrial Internet of Things. For example, you can gather and analyze data in real time, and then use those insights to improve manufacturing productivity. There are now incredibly scalable cloud platforms available that offer you insights on:
- The way customers are using your products
- Product wear and longevity
- How to improve and drive new features
Manufacturers that have gone digital are seeing a real transformation – not just in their operations and processes, but in their results:
82% of manufacturers using IoT increased operational efficiency and improved product quality
According to the American Society for Quality, connecting devices and analyzing the data collected enables manufacturers to reduce overhead, conserve resources, increase profits, and optimize operational efficiencies.
79% of manufacturing leaders already use IoT technologies to track customers, products, business premises, or supply chains
According to the Internet of Things – Global Trend Study by TCS, market leaders have already been using IIoT technologies and capabilities. Companies that already use IoT become more efficient and more responsive to their customers. Even companies in low-growth industries are realizing accelerated growth rates of more than 16 percent in areas of their businesses where they are implementing IoT technologies.
A Big Opportunity
The IoT is a real game changer in the manufacturing industry, based not only on what it is doing, but on potential as well. These stats are staggering:
$913B is the market potential of manufacturing IoT spend by 2018
$10.6T Cumulative GDP impact of IIoT by 2030
Imagine, if you were to fully digitize your business processes around the front end of your business… then imagine if you also fully leveraged modern technologies for your back end operations. What would your business look like? You would certainly experience a major transformation with numerous efficiencies gained. The potential is waiting for you. Download this Competing in the Digital Age of Manufacturing eBook and see how you can transform business processes with Industrial IoT capabilities.