The connected world is here. It is up to discrete manufacturing companies and their networks to capitalize on the opportunity to fundamentally transform their business. The “Industrial Internet of Things” (IIoT) is at the heart of this transformation, connecting people, machines, processes, products and services. The flow of information is increased, accelerated and streamlined enabling simple intuitive actionable intelligence in real-time to make business decision that improve performance, avoid risk and improve customer satisfaction and loyalty.
It is becoming ever simpler to convert these basic connections between people and things into business networks. These business networks can be mutually beneficial; delivering differentiated business value across the network, in real-time, based on simple insight from data delivered by connections anywhere and anytime.
Real-time insights pave the way for new processes, capabilities and applications that predict, recommend, simulate, optimize and inspire. The door for business transformation is torn from its hinges, creating the opportunity for new and exciting business models. Business models that not only benefit a business, but those that also benefit all constituents of the business to business network, the business to consumer network and hybrids line of business to business to consumer!
It is vitally important for Discrete Industries participants to become and remain knowledgeable on the latest innovations and technologies. By doing so discrete companies can capitalize on emerging business opportunities. The market will and in fact, is driving manufacturing companies to transform from product to that of “solution providers” delivering new experiences and new value to customers.
Examples of transformations include “transportation as a service” instead of selling cars and trucks or selling air instead of air compressors. A major global compressor manufacturer and a large global equipment manufacturer form mid-west have done just that with great success.
Along the transformation roadway still other opportunities are emerging. Sensor data combined with predictive analytics and algorithms enables companies to understand and anticipate maintenance needs to increase availability and return on assets, going even further down the path of providing solutions.
Logistics providers, those that are critical to providing the raw material and components for manufacturing and those that move finished goods to final destinations and customers benefit from adaptive logistics, connecting moving assets and turning that dataset into business relevant action, increasing efficiency, avoiding risk and capitalizing on opportunities! One progressive European port authority aims to gradually interconnect all modes of transport from waterways to the highway, taking massive steps to logistical efficiency.
Still other transformations, enabled by the IIoT, result in a connected manufacturing plant that had reduced manufacturing time from twenty-one (21) days to six (6) hours and many scenarios surrounding connected cars, including car to car communication, quality and safety enhancement, operational efficiency improvements as well as business models for fueling, parking and other commerce.
The hyper connected world is changing the business world creating new opportunities for business and customers. Please join us at SapphireNOW in Orlando, Florida for a panel discussion to hear how several companies are taking advantage of the Industrial Internet of Things. Session ID is 20738 on Thursday, May 7th at 5:00 PM. See you there!