Connecting at the Speed of Digital

Interconnected machines and integrated advanced analytics tools form the backbone of smart factories. Coupled with a decision platform where manufacturing is planned, monitored, managed and maintained, communication and location technologies enable smart factories to operate, while data analytics provides the ability to capture and analyze new types of data faster than before. This delivers valuable real-time insights and transforms the way products are manufactured.

Job redesign will be a consideration for the future. With the ability to monitor and control production lines and supply chains remotely from a single consolidated interface, the need for humans to be placed at production lines will be eventually eliminated. Genex partners highlighted the reality that smart factories will replace most, if not all the human involvement in production with machines. On the other hand, smart factories will increasingly require advanced skills and human judgment, to produce optimal factory setups and human-machine relationships.

The current and future dynamic state of the business environment demands that manufacturers have to not only improve their manufacturing performance but also be agile enough to respond quickly to the changing needs. With the ability to anticipate and meet customized market demands, employing IIoT will provide a competitive advantage over other businesses.

Redefining Industry Boundaries

The potential for IoT products to redefine markets and the business-customer relationship is so powerful that companies are exploring solutions beyond their traditional areas of expertise while developing IoT solutions. For instance, some hospitality businesses have developed wearable devices that allow customers to access rooms and pay for meals to provide convenience, greater efficiency and build closer connections to their guests.

And increasingly, businesses are seeking ways to develop new areas of product functionality that redefine and revolutionize the customer experience. Think Amazon’s smart speaker, Echo, Tesla’s solar and energy solutions, and Google’s venture into home automation and autonomous cars.

For many companies, entering the IoT market requires that they redefine their traditional manufacturing processes. To innovate at speeds required to achieve the first-to-market advantage, partnering with organizations that already have established experience in IoT development is critical.

Looking forward

As technological capabilities advance and costs for connectivity, processing power, and data storage decrease, businesses will continue to innovate and drive IoT growth. Whether it’s providing real-time data to detect the capacity of a production line or enabling analytics to predict the need for machine maintenance, the IoT is driving powerful outcomes. And at the end of it all, it is the customer that will receive most of its transformative benefits.