The Internet of Things (IoT) enables the end to end connectivity of all aspects of our lives in an unprecedented manner. What happens when IoT and Manufacturing come together?
In the arena of Manufacturing there has always been a reliance on processes, data, sensors, controls, analysis and metrics to allow for monitoring, management and optimization of those Manufacturing processes. And the ability to leverage historic approaches has varied from company to company and industry to industry.
But now with the advent of IoT, Big Data, Artificial Intelligence (AI) and Industry 4.0 the ability to optimize Manufacturing processes through this incredible digital connectivity is about to take a quantum leap forward.
In this infographic provided by Gary Faraci and created by Cognizant we get a depiction of the state of Manufacturing in the IoT World.
Certainly taking the steps necessary to incorporate IoT in Manufacturing and implement Industry 4.0 capabilities requires extensive investment in resources.
Many companies and industries may consider that their Manufacturing processes are already optimized and they do not need to take that leap forward. For every investment does require a return on investment, sooner or later.
But companies should objectively consider their growth plans, their financial performance, their competitive positioning and their customer’s expectations. Then they need to determine whether they can afford, or can not afford, to invest in the capabilities implicit in an IoT world.
Industries associated with E-Commerce, Retail, and Information Technology most certainly must incorporate Industry 4.0 and IoT capabilities, and Data analytics into their future strategies if they hope to survive.
You must know that your competitors are considering and developing these strategies. There is always the option to be a leader or a follower and to see how these capabilities evolve.
What is your next move?