According to Cisco, there will be 13.5 billion connected devices in
manufacturing by 2022. And JP Morgan’s Global Equity Research team has
already pegged manufacturing with having the greatest Internet of Things (IoT)
market potential. Although it’s difficult to accurately gauge the
impact these technologies will have, it’s clear that experts are
projecting it to be massive.
But what do manufacturing leaders have to say about the IoT?
Several months ago, LNS Research launched some new IoT survey
questions that dig a little deeper into this topic. The study asks
manufacturing executives and other senior leaders how the IoT is
impacting their business today, as well as about their expected IoT
investments going forward. What’s interesting is that almost half—43%—of
these industry professionals indicated they still “don’t understand” or
“know about” the IoT.
Given the hype around the IoT, these numbers may seem a bit odd to
some. But the emerging technologies have the potential to be broadly
disruptive, making the potential applications appear daunting for many
businesses, therefore this trend is likely to continue until after more
proven and commonplace solutions surface in the coming years—and they
will.
In this post, we’ll drill down into this new IoT research data and
share insights into what you should do if you fall into the “don’t
understand” category.
For more stories like this visit Industry Market Trend
Attitudes toward IoT in Manufacturing
Although the number of respondents stating they “don’t understand”
the IoT is substantial, almost 300 different individuals (and counting)
have responded to these survey questions and this particular question
offered seven options.
A combined 42% acknowledged having an interest in or understanding of
the IoT. One in five reported being interested in but still
investigating the impact. And 11% are rapidly pursuing IoT opportunities
either internally, with customers, or in both regards. There seems to
be somewhat of a split between executives who are learning about and
experimenting with the IoT compared to those who don’t understand the
technology.
Why Should You “Know About” the IoT
The IoT is expected to transform the way businesses operate. We’re
already seeing use cases surface in manufacturing as well as in the
consumer world, particularly with the servitization of products—in other
words, enabling new service models whereby customer buy or rent a
delivered result from a product instead of the product itself. And in
the near future we’re expecting to see more use of intelligent sensors
and devices in the shop floor environment, providing enormous amounts of
new data streams that can be utilized up and down the value chain.
Massively parallel and in memory big data analytics technologies, which
are considered part of the IoT, are expected to provide insights into
real-time performance, from which correlations can be drawn that were
previously too resource-intensive to calculate.
The utility of the IoT may be as vast as your imagination, but here
are a few potential connected device use cases for perspective:
- Quality Intelligence: Adding new quality variables and more precise data into real-time production monitoring and statistical process control to anticipate process variations
- Asset Management: Adding new variables for monitoring machine performance, predicting failures, and alerting workers
- Health and Safety: Equipping staff with connected wearables that monitor key health and safety indicators like body temperature or exposure to hazardous elements
- Service: Gaining visibility into real-time product performance and diagnostics without having to rely on traditional on-site field service techniques
- Sustainability: Closely monitoring the usage of utilities such as water, air, gas, or steam with wireless intelligent gauges that offer remote information access
The idea behind nearly all IoT applications is to gather new, more
finite types of information and data and then transform it into usable,
contextualized intelligence, awareness, and collaboration.
Comments
Post a Comment