Blog posts tagged with IoT

Get Smart and Make Smart Products with IoT

October 17, 2016 by Liz Fox

Companies and consumers want smart products — and they’re getting them. Embedded intelligence is showing up in everything from watches to shoes to refrigerators to tires. The smart-home market alone will grow from nearly $47 billion in 2015 to more than $121 billion by 2022. In industrial environments, too, embedded intelligence is rapidly becoming the norm. Manufacturing executives get it: 63% say the application of smart devices/embedded intelligence to their products will increase profitability over the next five years. They know that when wearable devices, stamping presses, or household appliances can communicate and act on their own, the value of these products — and their profit margins — increase dramatically. That’s why 40% of manufacturers plan to embed smart devices/intelligence within their products. Yet 30% of manufacturers still have no IoT product plans. Why? Many executives mistakenly believe that their products have no need for embedded intelligence. In fact, the biggest challenge for manufacturers developing IoT-enabled products is simply identifying the opportunities/benefits of such products (44% of manufacturers). Yet even a landscape rock, equipped with sensors, could become a communications center for lighting systems, sprinklers, or weather-monitoring stations. Which rock are your IoT innovations hiding under? Manufacturers identify excellent or

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How to Leverage the Internet of Things to Impact Plant Profits

September 06, 2016 by Liz Fox

A strong majority of manufacturing executives say the application of Internet of Things (IoT) technologies to plants and production will increase profitability in the next five years. Some 26% expect profit boosts of more than 5%. Unfortunately, many of these imagined profits will never materialize. Why? Because nearly a quarter of manufacturers have no companywide understanding of the IoT and how to apply it to their businesses. Another 43% have only limited understanding. Even worse, only 11% of manufacturers have implemented a strategy to apply IoT technologies to their processes. Small and midsized enterprises (SMEs) are even less likely to have companywide understanding or IoT strategies. Yet gloomy as these numbers might seem, they offer insights into improving your IoT prospects: Develop IoT knowledge: Spur awareness and understanding of the IoT throughout your company by focusing on how embedded intelligence and smart devices can drive improvement — on the plant floor and in the office. For example, real-time data on production can allow for delivery updates to customers. Or maintenance staff can monitor key equipment to predict failures, and prevent line stoppages. Communicate an IoT vision: Establish a collaborative, integrated plan for your company to help managers and employees understand

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