The global manufacturing sector will continue to capture the greatest percentage of IoT investment in the near term because of the significant gains it is expected to deliver.
The foundations of Industrial IoT enhance existing manufacturing assets with a range of technology including IoT platforms** that embeds intelligence into complex processes and supply chains to create, distribute and manage goods. The resulting “smart factories” will change not only the nature of the manufacturing process but will bring about enhancements to:
The price of goods, both components and end products
Where jobs are located and what types of jobs there are
The suppliers’ ability to respond to customers’ wants and needs
These outcomes are expected to result in significant restructuring of economies around the globe, as the comparative advantage of producing goods, and their ingredients and components, shifts as a result of IoT and related industrial technology like IoT edge platforms.
Technology Across the Supply Chain
The Industrial IoT brings communications and control devices to assets within a plant. But it doesn’t stop there; the industrial IoT (IIoT) actively and securely connects all points where goods are transferred from plant to the end customer including the warehouse, fleets, shippers, ports, distribution centers. And finally, to close the loop, the IIoT connects the product while it is in use at the customer site, providing invaluable data about its use. IoT data generated and captured across this connected supply chain will be consumed by industrial analysis and intelligence applications that will monitor processes, reveal opportunities to improve and optimize them, and surface opportunities to change the manufacturer’s competitive position in the market.