Internet of Things: Radically Reshaping Competition and Strategy
Over the last 50 years, information technology has radically reshaped competition and strategy. The IoT is the third wave of IT-driven competition.
The changing nature of "things" is what's transformative about the IoT - not the internet itself. More specifically, the products that you engineer, manufacture, operate and service. The expanded capabilities of these smart, connected products and the data they generate that are ushering in a new era of competition.
Many manufacturers have ambitious goals: To spark innovation and design the best products. Deliver great service experiences. To improve manufacturing processes, and ultimately to outperform the competition. PTC has the playbook for how manufacturers accomplish these goals today, in a smart, connected world.
The past few years have seen an explosion of the Industrial Internet of Things (IIoT) across the globe. .Download Now
By connecting every part of your organisation, manufacturers have full visibility and control over their outgoings and processes. Manufacturers can make continual improvements quickly and without the significant expense or burdens of the past.
So, what would it take to boost efficiency and productivity at your company and improve your assets' uptime and quality, while saving money and time? A serious investment in manufacturing IoT is a genuine opportunity to revolutionise the way you work.
Innovative and future-thinking manufacturers know the business benefits and opportunities that come with investing in these products and platforms.
To bring the value of IoT to life - it's no wonder that the number of Industrial IoT connections will increase from 17.7 billion in 2020 to 36.8 billion in 2025, representing an overall growth rate of 207%.
IoT is an exciting prospect and could transform the way you work. Here is a rundown of the three key benefits of utilising IoT in the manufacturing sector.
1. Optimise Plant Efficiency
IoT can help your team to gain a better understanding of how your assets are performing, so you can maximise throughput and increase asset utilisation. IoT gives access to actionable insights such as abnormal conditions on your plant floor, so you can schedule maintenance and avoid unexpected breakdowns. The information produced allows technicians to remediate issues quickly and reduce machine downtime - therefore saving money. You can also improve plant efficiency and workforce productivity by using digital work instructions. As processes and procedures evolve, IoT-connected machinery gives workers visibility to on-the-floor digital work instructions allowing them to find and fix problems more effectively.
2. Improve Customer Satisfaction
Customers want their voice to be heard and acknowledged. And, luckily, we've got this one covered. Another benefit of the IoT in manufacturing is that you can incorporate content from customer's feedback and product monitoring into the design process and the enterprise. This results in better products, more efficient field service, reduced product downtime, and majorly improved customer satisfaction overall.
3. Get Ahead of The Competition
It's essential to utilise the opportunity the IoT in manufacturing can give to your organisation. Gain a competitive edge as you access better products, that market faster and swiftly fix issues, building loyalty with your customer base. You can offer these benefits to your new, potential customers too.
There are endless reasons to utilise the IoT; these are just three key examples to consider. Remember - an investment in the IoT for manufacturing will give your business the competitive edge it needs to keep up with a thriving rate of innovation, growth, and world-class service.
The challenge to keep and retain skilled workers is hardly new, but the skills gap has been accelerating in recent years. By 2025, analysts anticipate over 2,000,000 skilled manufacturing jobs will go unfilled. Compare that to 600,000 unfilled jobs in 2011.Download Now