How Manufacturers Are Benefiting from the IoT Revolution
Few industries have benefited as much from the Internet of Things revolution as manufacturers. Whether it’s harnessing the power of data and metadata to make wiser decisions, or developing new and more efficient technologies capable of saving energy cost, the IoT is fundamentally reshaping how manufacturers produce the goods we use in our everyday lives.
So how exactly is the IoT making business leaders rethink the way they manufacture, and how likely is it that these changes endure in the long-term? A quick review of how manufacturers can exploit the IoT phenomenon that’s quickly coming to shape our lives shows that it’s anything but temporary, and should serve as a warning to those manufacturers who have yet to adopt a 21st-century outlook.
To look at how readily manufacturers have accepted the IoT, you need not search any further than the amount of money they’re pouring into it. Business Insider’s BI Intelligence expects manufacturers to spend nearly $267 billion in the IoT alone by 2020 alone, a figure that’s only likely to rise as cost grow cheaper and technology grows more advanced. Clearly, manufacturers have embraced the IoT revolution more so than most; so what do they know that others don’t?
The answer is rather simple; harnessing the data accumulated from sensors and algorithms embedded into their everyday manufacturing processes, manufacturers can locate flaws in their production lines that drain millions of dollars each year. Furthermore, embracing the IoT revolution has helped streamline the manufacturing process, as well as bring in new talent that’s much more tech-savvy than workers from previous generations.
The IoT revolution has also spurned an uptick in automation, a huge cost-saving measure that also boosts manufacturers’ productivity while enabling their human employees to focus their valuable talents and time elsewhere. As the IoT continues to grow at a staggering pace, expect further automation in relatively low-skilled manufacturing areas and more of a focus to be put on bringing in better-educated human workers.
Plenty of examples exist to show exactly how manufacturers are benefitting from the IoT in the ways others can’t; whether it’s optimizing their sales and operations plans or dramatically improving their supply chains, manufacturers who apply the IoT to their line of work are likely to see huge savings while also discovering new business opportunities. It’s not all about manufacturing, however; the interconnectedness at the heart of the IoT is enabling workers everywhere to do more with less and is radically reshaping modern notions of productivity and business expenses.
An interconnected economy boosts manufacturers
Virtually all industries and workers are benefitting from the technological revolution brought about by the inception and ensuring the growth of the IoT. Workers and managers alike everywhere have greater access to expertise than ever before, and the mountains of data accumulated by the IoT are helping analyst predict market trends, such as the growth in mini storage, with greater accuracy. As the IoT continues to make business cheaper and easier across the board, manufacturing stands to benefit from the subsequent increases in demand we’ll be seeing for years to come.
Similarly, the IoT has greatly enabled other modern phenomenon, such as the recent growth in 3D printing which is also upending traditional notions of manufacturing. Modern supply chains are being disrupted in ways never before imagined, which has some business leaders worried, but even more, salivating over the future savings and innovations that will keep manufacturers relevant for decades to come.
As manufacturing continues to move away from low-skilled labor and into the high-tech, cutting-edge production of modern gadgets used everywhere, workers within the fields will likely see their salaries climb. While entry-level employees may not be able to find jobs on the assembly line, the subsequent drop in prices due to automation will benefit the economy as a whole, and help keep manufacturers turning profits.
As manufacturing continues to embrace the IoT revolution, modern developments like lower prices and more advanced products coming off of assembly lines will only be expanded upon further. Expect to see yesterday’s stereotypes of workers in hard hats and overalls replaced with tech-gurus at computers, handling machines with a single click of a button, as tech rapidly comes to build a bigger nest for itself within the manufacturing ecosystem.
As the Internet of Things continues to expand into every corner of our world, one thing is for certain; few people stand to benefit more from the IoT revolution than today’s manufacturers.
Are you ready to harness the power of IoT capabilities for smarter manufacturing? Discover more about what Flex solutions have to offer.