In the new “Internet of Things” (IoT), almost every object can use embedded technology to gather and transmit information. A pill might perform medical analysis, a concrete highway may offer traffic guidance, and machinery on a factory floor can manage quality control and energy usage.
The IoT offers manufacturers unprecedented ways to add value to the products they design and produce, be they shirts or ships. The IoT also links a manufacturer’s processes and facilities to the corporation, suppliers, and customers in new ways, enabling new levels of collaboration and giving executives real-time information with which they can improve operations and profitability. But with both IoT paradigm shifts come new risks:
- Responsibility for actions that intelligent products trigger
- Security for the rapidly expanding IoT enterprise infrastructure
MPI continues to conduct its ground-breaking study that explores the readiness of firms across all sectors to take advantage of the IoT — and to manage its risks.
The Study puts hard numbers against the adoption rate of corporations in applying IoT capabilities and explore the challenges and benefits that implementing IoT entails. The study examines the overall corporate characteristics as well as IoT readiness among enterprises:
- Sales and marketing (e.g., real-time, market-driven forecasting and scheduling)
- Procurement (e.g., event-triggered procurement)
- Inbound logistics (e.g., timing production, labor, etc. to deliveries)
- Production (e.g., asset management, maintenance, EHS)
- Outbound logistics (e.g., timing returns, promotions, etc. to deliveries)
- Customer service/support (e.g., timing support to customer touch/use)
- R&D and new-product development (e.g., knowledge and capabilities to develop IoT-enabled products)
MPI generated the executive summary Profiting from the Internet of Things (IoT) which highlights how manufacturers with the best understanding of the IoT — Innovators — are investing in the IoT now for profits today and tomorrow. This executive summary takes a deep look at how Innovators are embedding intelligence into their company processes, and how Innovators are launching smart products.
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