In 2017, the Internet of Things will be the center of attention for many companies. Smart machinery and connected devices have seen industries reveal their commercial potential, and Industry 4.0 has arisen as a result.
For many, the fourth industrial revolution still sounds intimidating and confusing. Any revolution is about implementing change, and industries fear that this change is not going to be a positive one. Industry 4.0, though, is gathering momentum, and it’s now or never for business leaders to start planning how to take advantage of as many opportunities as possible from the IoT.
The IoT offers a wide range of benefits, particularly in the wealth of additional data it will provide organizations to optimize their processes, find areas for cost-savings, monitor equipment, and so forth. However, to make sense of this data, companies will require machine learning algorithms and AI to analyze it. Analyzing data on the scale that will be produced by the IoT is far beyond the realm of human capabilities.
Advanced analytics with the IoT will enable a stronger, more reliable analysis - critical for the product development line. This will be combined with a number of other technologies, including augmented reality, robotics, and 3D-printing once integrated into design processes, these will eventually reduce the time needed for the production of goods - a problem especially relevant to the automotive industry. The connectivity provided by the IoT will also see better organizational structures introduced across all industries, which will help deliver more, better data.
According to Business Insider, 82% of companies will have IoT applications implemented in their businesses to some degree. However, in order for companies to understand which features of industry 4.0 are most suitable for their particular business, it’s worth looking at problems that they are trying to solve. Is it asset utilization? Human labor productivity? Lack of innovation? The matching of supply and demand? Once problems and future targets are defined, it will be easier to utilize the capabilities of the IoT and IIoT, and Industry 4.0 will no longer sound intimidating, but an exciting growth opportunity.
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