IoT is not the future it is the NOW, digital transformation is where we are and we need to embrace it. New tech in digital manufacturing and the new opportunities that accompany it will help to create lasting and meaningful connections with customers through the latest Internet of Things (IoT). Your transformation to all that is digital is helping to change the way manufacturing is done. IoT has the potential to disrupt every aspect of the business enterprise. IoT use in manufacturing is inevitable.
Take a breath, it’s not all bad!
How do you describe the digital transformation in a manufacturing organization?
According to author Erich Hoch, Executive Vice President and CEO, Jabil Digital Solutions in an article on IoTforall.com. “At its core, digital transformation refers to the use of technology to improve business results. Digital transformation can include any function within a manufacturing organization, including back office and supply chain applications, factory automation, social media for marketing outreach, sensors embedded in the goods produced, data analytics, and so much more.”
With IoT’s potential benefits of efficiency, productivity and accuracy, moving to a digital manufacturing business platform can be a winning strategy. A recent study says that digital transformation will impact the future of manufacturing by 97% and that many of the respondents say that they are already looking into implementation of this technology to benefit their bottom lines.
According to the recently published Vodafone IoT Barometer, an annual study of how IoT is transforming business, the proportion of companies adopting IoT has more than doubled from 12% in 2013 to 29% in 2017. In addition, the percentage of companies with more than 50,000 connected devices active has doubled in the last 12 months. Many of your competitors are already devoting as many resources to IoT as they do to other high profile technologies, such as mobile, cloud and analytics.
With the adoption rates of digital transformation and IoT on the rise, business leaders want to know what to expect to achieve for the significant investments they have on the horizon. With this in mind, we have decided to focus on IoT benefits: This is only a few ways IoT technology investments will help companies by driving digital transformation in manufacturing technology.
IoT and Product Capacity for the Interconnection of Platforms
IoT-enabled supply chains that provide manufacturers with real-time knowledge of product/customer demand signals are drastically changing the way products and services are developed, sold and consumed. Stakeholders and C-level executives are coming on board with the new solutions to expand their offerings and add-value in many new ways.
IoT is radically changing the manufacturing business model, opening up new opportunities toward a service oriented business model for manufacturers. These IoT enabled businesses can capture and analyze new types of data quickly. The timeline for integrating IoT is now during the exponential growth manufacturing is having. Data has become more valuable in the new digital era, and it can help provide more insight into trends and can add more value.
Manufacturing is now looking for more revenue streams to use their high-volume of data that their systems have collected. Real-time analytics and the cloud availability of applications is fueling this evolution. IoT continues to help businesses develop new and better ways to manufacture their products and interact with their customers. Big Data is only helpful if you can understand what you have and how to analyze it to add-value.
IoT is at the advent of its potential! The reality is simple,, IoT will touch multiple areas of your business. Listed below are some of the areas were IoT will have a lasting impact, if it is implemented effectively:
- How you will interact with your customers and their customers
- How products and services are developed
- How products are serviced: cloud based, AI, automated
- How you gather data and analyze customer-generated information
- How products are manufactured is a core benefit
- How you revamp business processes
- How products are purchased
- How data will direct new product development
With the right investment strategy and transforming technologies are integrated and adopted, dynamic new business models and digital enterprise are created and empowered with the agility that is at the heart of IoT.
The expectations of consumers are driving this revolution, their products of choice/variation and speed of service spiral ever higher. Those manufacturers who will thrive in this new environment will be those that can master the collection, analysis, and communication of data throughout their operations and supply chains to adapt to these new market realities.
Manufacturers are destined to succeed due to many of the specific tools and technologies that are shaping this new world of manufacturing which are already in use, although not necessarily on a large scale, yet.