There has been much discussion and interest in the Internet of Things (IoT). While much attention has been given to consumer products such as connected household devices and personal fitness bands, the potential for business and industrial usage is far greater.
IoT allows physical devices, including products and machinery, to be connected using embedded software, sensors, actuators and communications. The value comes from the collection and exchange of data between all these connected devices.
In manufacturing, IoT can lead to top and bottom line improvement.
Topline growth can be generated through:
Harvesting performance data for product improvements
Bottom line savings can be achieved with:
More efficient use of materials
Reduced labor costs
The benefits of IoT for manufacturers include:
New sources of revenue
Improved production efficiency
But manufacturers need to be aware of the challenges in implementing IoT. These include:
Identifying valuable information in large new streams of data
Ensuring common standards and interoperability between different protocols and technology
Keeping high security standards with large numbers of embedded sensors and communication devices
Potentially complex implementation
Read this executive bite for an introduction to IoT for manufacturers and the potential benefits of its successful implementation.