The advent of the Internet of Things (IoT) is really centred around one core trend: the changing nature of products. It’s the ability for product to be smart and connected, in a way and on a scale that hasn’t previously been possible.
The advent of the Internet of Things (IoT) is really centred around one core trend: the changing nature of products. It’s the ability for product to be smart and connected, in a way and on a scale that hasn’t previously been possible.
The powerful data available to businesses, together with new capabilities of smart, connected products, is transforming how businesses function on a day to day basis. Product development is playing a key part in the manufacturing value chain. As it spreads, functional boundaries are shifting and restructuring, as new functions are being created.
It’s estimated that the smart factory market will be worth $67 billion by 2020, growing at anannual rate of 6% over the next five years. But where are the biggest growth areas within the smart factory itself? Which countries or industries are leading the growth drive? An what are the key facts that you need to know about?
You don’t need to feel hesitant when it comes to embracing new technologies. If anything, the way we are heading means we ought to embrace smart, connected products more so. Not only will the IoT positively affect how your business operates on a daily basis, it will transform the way you analyse product performance and maintain successful customer relationships. There are three big reasons why the IoT is becoming increasingly integral to the manufacturing industry:
Sometimes it can feel like we’re all swimming in data. Getting on top of it all is a major challenge for many manufacturers. And, with the advent of smart, connected products, the amount of data available is only going to grow. There are several important features to consider when deciding what new data to capture, what needs analysing and how to use this information to develop a unique position for your business.
If there was a way to reduce time spent on repairs and increase efficiency, you’d take it, right? With the increase in product data it’s becoming increasingly easy businesses to understand how their products behave out in the field. Manufacturers are beginning to view new IoT features in their products as an opportunity to innovate through efficiencies. For anyone interested in accessing these benefits, there are three reasons why product data from IoT-enabled products can dramatically transform the manufacturing process that you need to know.
For a very long time, manufacturers have been focused on capturing value through a product orientated business model, where they manufacture a product and then sell that product as an asset to the customer. This is a tried and tested approach. Sometimes, in this product orientated business model, companies also provide an after sales service. This could be along the lines of helping customers to maintain the product in working order.
When you step back and look at everything you need, for your product to become a smart, connected product, there are some tough business decisions to be made. Developing, maintaining and supporting the required IoT technology stack are not small feats. They require significant investment and also a different skill set to the one traditionally found in successful manufacturing firms.
When you start to think about the smart, connected product capabilities and features you might want to add to your products, it can get pretty complex, pretty quickly.
As with any new opportunity, there are risks involved. Understanding what these are will mean you’re in a position to mitigate them.