The Future of IoT: Predictions for 2018
As the IIoT (Industrial Internet of Things) becomes more prevalent in all industries, 2018 offers the potential for some new trends.
New industry leaders will emerge. Those companies who have realized how to implement and utilize IoT in all aspects of their business will outperform their competitors. Industry week predicts that by 2020, 60% of the top manufacturers will rely on digital platforms that enhance their investments and support as much as 30% of their overall revenue. They also predict that by 2021, those new top manufacturers will depend on using IoT to automate their processes and increase the speed of doing business.1
Security and IoT will go hand in hand.With more of business being connected, security will be an increased focus. New security protections are continually being developed, and the ability to implement them will be essential. In order to be the most effective, employees who are experienced in both the industry itself and in IoT will be in high demand. The ability to understand the business process, as well as work with the data that process generates, is leading to changes in how IT and OT work together on projects.1
Industry processes and operations will be reinvented. Product success rate, a better understanding and response to customers, and the development of product-related services are all focus areas for manufacturers, according to a recent survey.1In addition, preventive maintenance will play a huge role in changing the normal operational patterns. The ability to determine when to order spare parts, what maintenance is required, and how to prevent or detect shut-downs is all a part of a more intelligent maintenance system. According to Design News, “This is a shift from scheduled maintenance to condition-based maintenance. When you replace something, it’s not just because it’s scheduled. You know at any given movement what the condition of the equipment is. This changes how machines are run and operated.”2
The supply chain goes digital. Industry Week predicts that by 2020, one-third of all manufacturing supply chains will be using analytics-driven cognitive capabilities, thus increasing cost efficiency by 10% and service performance by 5%. 80% of supply chain interactions will happen across cloud-based commerce networks.1 Larger organizations have already been investing in technology that provides data and insight into the supply chain processes. These insights allow the manufacturer to be constantly up-to-date with any assets. The data received from logistics operational systems, warehouse management systems, dealer management systems, and point-of-sale (POS) devices will deliver the information needed to alter a company’s processes.1
Perfectly balanced manufacturing. Achieving a balance between supply and demand will be much easier by utilizing the data provided by IoT implementation. Being able to adapt and change with the market while maintaining cost efficiency. This transformation will provide a further growth opportunity for companies deploying advanced automation. Different sectors will have the ability to leverage technologies in ways most beneficial to their specific industry.1
As more developments and specialized digital systems emerge, companies in the manufacturing industry are realizing more capable processes and capitalizing on the ability to finely tune their organizations. While 2017 showed immense development in the usage of IoT, 2018 should show explosive growth and evolution within the manufacturing industry.