Global demands and the constant quest for profitable growth and differentiation are among the challenges that manufacturers wrangle with daily in our rapidly changing world.
So, naturally, a manufacturer of “things” would look at how to apply the advantages of smart, connected products in the Internet of Things to its business. In fact, they’re looking at IoT use cases not only for their products, but for their processes and services as well.
“Companies are quickly moving to understand what role this technology will have in their futures,” says IDC Manufacturing Insights Research Manager, Heather Ashton, in a recent video.
Specific industry and product advantages may vary, but there are common business drivers.
According to Ashton, the top five for discrete manufacturers are:
Lower operational costs
Customer acquisition and/or retention
Better customer service and support
Business process efficiency/operations optimization and control
“Manufacturers have the opportunity to adapt processes with IoT to lower costs, optimize operations, reduce resource consumption, improve productivity, enhance customer service, and manage the supply chain,” says Ashton.
Some of the industry examples Ashton cites include commercial aerospace, whereby engine manufacturers can enable connected product usage analysis to uncover fuel consumption and engine insights, and high tech equipment, whereby manufacturers can provide better customer service and support through connected diagnostics to reduce system downtime.
“These use cases reflect some of the top drivers for IoT and how manufacturers are finding creative ways to use connected products for differentiation,” says Ashton.
For more insights from Heather Ashton, watch the full video series by IDC: Reshaping the Manufacturing and Operations Landscape.