“Industrial Internet of Things” – Deal or No Deal? Alongside “Industry 4.0”, it’s a question that manufacturers are increasingly being forced to consider. IIoT is one of the big financial boxes of future survival that every company player now needs to be opening up. But are some manufacturers dismissing it as the latest hyped up fad to distract them from getting on with business they know and trust? While others say “it’s all very interesting” and “yeah, they may take a look at some point - definitely.”
Playing overly cautious is unlikely to win prizes, especially one of the biggest prizes in today’s tough economy – maximised customer experience driving sales performance - also known as CRM. The UK manufacturing industry, as a whole, is responding to the IoT question with the right answer and is already in the game. Digital transformation is seeing many competitors running out in front. An in-depth study of how IoT is “set to transform manufacturing over the coming years”, reveals more than half of companies polled (56 per cent) saying they are already involved in an IoT related project, and a higher than expected three quarters (78 per cent), which claim they will be in the next three years. Nearly two-thirds (58 per cent) feel that it helps them to better compete with rival firms. (Published in ‘The Manufacturer’, Feb 2017).
Maximised customer experience
The study reinforces the trend of an increasing number of manufacturers who have understood the vital role CRM plays in providing a “joined up” team game, which enables the development of new services for their customers, as well as helping improve the “uptime of their products”. An earlier Accenture study concluded that successful companies will be able to increase their revenue through the Internet of Things by creating new business models to improve productivity, exploit analytics for innovation and transform their workforce.
Industrial IoT is already bringing digital transformation to manufacturing firms across their entire realtime data access and operations, enabling them to deliver a maximised, cross-channel and device customer experience. The latest Edgewater Fullscope whitepaper discusses how manufacturers who have digitised their operations see 80 percent plus increased operational efficiency and improved product quality. Free download here.
Vital data immediately accessible to all who need to know
The game is on. The application of the Internet of Things to industry is happening right now. But some manufacturers are still sitting on the bench and yet to connect Operational Technology (OT) with their Information Technology (IT). It’s a game of two halves for manufacturing firms of any size, big or small, to fully embrace technologies, which enables people, machines and computer systems to talk to each other in a seamless experience. A system which improves and transforms the connectivity of their products and services to both their customers and their suppliers.
IIoT is a straightforward game plan. Networked embedded sensors collect production line data to provide a dynamic response to product demands, real-time optimisation of manufacturing production and supply chain networks. Combined with data from CRM, ERP and other digitised systems, a complete 360 analysis helps maximise operational efficiency. Vital data and information can be immediately accessible and transparent to all who need to know, from warehouse to boardroom, sales desk to customer laptop, tablet or smartphone.
Here’s another starter for ten… Increasing adoption of industrial IoT in manufacturing could see increases in growth between 1.5 and 3 per cent each year over the next decade, according to an industry-led review, chaired by Siemens UK, published in Oct 2017. The report concludes that “the boost could mean a net gain of 175,000 jobs throughout the economy” of “newly created managing and programming” roles.
You have to be in it to win it. Manufacturers have always collected large amounts of data, but it’s now essential that it is fully incorporated and connected, rather than existing in separate department silos. Integrated business intelligence operating CRM and ERP enables manufacturers to interpret data and make informed decisions in real time across all main business functions of sales, marketing, customer service, operations and projects.
A standardised platform will not only enable manufacturers to achieve increased reliability and efficiency in every aspect of company operations, staff and customer experience. A total digital transformation can be the breakthrough needed to go on to play in a new round of profitability. Latest Edgewater Fullscope whitepaper offers key techniques to offset the so-called digital risk for manufacturers accompanied by expert industry insight. Free download here.