The Internet of Things (IoT) is on track to dramatically transform manufacturers’ products, services, and operations in 2015, according to IDC Manufacturing Insight. Two types of IoT applications will resonate with manufacturers, those that support the process and those that support the products.
According to Kimberly Knickle, practice director at IDC Manufacturing Insights and author of Perspective: The Internet of Things Gains Momentum in Manufacturing in 2015, “As IoT provides the basis for an increasing amount of automated data acquisition, manufacturers will be able to adapt their processes and their products not just for incremental improvements but also for more transformative purposes, including self-healing or autonomous processes and capabilities that evolve into new business models.”
As the world of M2M and IoT evolves, technology is becoming an increasingly economical choice. Hardware, network and application solutions that work together are now reaching the market in a way that delivers an integrated way to track, monitor, control and manage vehicles, vessels and equipment anywhere in the world in a reliable and cost-effective way.
With the next phase of IoT and M2M, data analysis capabilities are now being integrated to further the value of data collection. Big data relates to volume. Smart data, on the other hand, is about leveraging everything collected for competitive advantage. To unlock the potential Knickle writes about, manufacturers must keep in mind that it is smart data, not just big data, that will provide context and meaning for critical decision making in the areas of process and product. What do you think? Share your thoughts below…