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
Companies that implement and utilize IoT in all aspects of their business will outperform their competitors. According to predictions from Industry Week, 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. In addition, 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 businesses being connected, security will be an increased focus. Implementing new security protections will be essential. There will be a high demand for employees who are experienced in both the industry and in IoT. The ability to understand the business process and work with new data is leading to changes in how IT and OT work together on projects.1
Industry Processes and Operations Will be Reinvented
According to a recent survey, there are three main focus points for manufacturers. Ther main focuses are product success rate, development of product-related services, and gaining a better understanding of customer demand.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 will be 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. At any given moment, users can know the current condition of their equipment. This will change 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. This will increase 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. Company processes will improve as leaders receive new data from logistics operational systems, warehouse management systems, dealer management systems, and point-of-sale (POS) devices.1
Perfectly Balanced Manufacturing
Utilizing the data provided from IoT implementation will make it much easier to achieve a balance between supply and demand. Companies that implement IoT solutions will be able to adapt and change with the market while maintaining cost efficiency. This transformation will provide a greater growth opportunity for companies deploying advanced automation.1
As more developments and specialized digital systems emerge, manufacturing companies are seeing gains from fine-tuning their organizations. While 2017 showed immense development in the usage of IoT, 2018 should show explosive growth and evolution within the manufacturing industry.
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