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Manufacturing, the IoT and Big Data: Are You Ready?


Posted on: 30-03-2016 09:57:581054

manufacturing-the-iot-and-big-data

Original Article Source: Business Insider UK

A recent report by Business Insider (UK) highlighted the impact the manufacturing industry is about to experience due to the introduction of the Internet of Things (IoT). The IoT is a technological revolution, capable of changing business models, increasing output and automating processes across a number of industries.

The manufacturing industry has been utilizing IoT solutions and according to a survey by TATA Consultancy it was responsible for approximately a 28.5% increase in revenues of industrial manufacturers between 2013 and 2014. The report also estimates that global manufacturers will invest $70 billion on IoT solutions in 2020, an increase of $41 billion since 2015.

Big data gets bigger

The one defining feature of the Internet of Things is the exponential increase in the number of connected devices. Each one of these devices will capture and transmit data about its usage; creating a corresponding exponential increase in the amount of data that will be generated about every aspect of the value chain. This in turn will require the ability to process an inordinate number of records, possibly in the billions, which is far more than can be processed, analyzed, and understood by mere humans and their traditional forecasting methods.

The rise in connected devices will therefore drive a rise in big data analytical solutions, which in turn will require Artificial Intelligence (AI) powered sense and respond capabilities.

Companies that are considering to invest in the Internet of Things need to keep this in mind.  They need to prepare now by ensuring that they understand and are in control of their current small data, before a large amount of new IoT driven big data comes into play. Without being able to first understand and control your own small data – master data such as the material and customer master, Bills of Materials and pricing conditions, and transactional data such as overdue or incorrect sales, production and purchasing documents etc. - you will struggle to fully utilize and act on new insights provided by the Internet of Things.

Supply Chain professionals therefore need to start the process now of laying foundations of data integrity and strategic clarity in order to maximize their ROI from the oncoming IoT revolution.

Lisa Verdel
Communication and PR Manager
l.verdel@everyangle.com

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