The next industrial revolution is happening right now.
The next industrial revolution is happening right now, and the Internet of Things (IoT) is a catalyst in this shift.
As global pressures continue to grow, companies need to find new, innovative ways to use advancing Internet-ready technologies to meet demand.
Industry and governments have been creating collaborative models for industrial advancements - you may have heard about the Smart Manufacturing Leadership Collation or Industrie 4.0 the US and German government initiatives respectively, initiatives developed to drive standards for the factory of the future.
Our vision of the Connected Enterprise delivers on these models which recognize ongoing adoption of the Internet of Things (IoT) technologies that will accelerate and enable its adoption.
Are you ready?
Cisco Systems reports that The Internet of Things is estimated to create US$19T of value in the private sector over the next 10 years. Interesting enough 21 percent, or US$3.9T of that value will be in manufacturing. Although the dollar values I will be talking about are all manufacturing related, every industry can take advantage of the value that is at stake here.
How can you take advantage of these and outperform your competition?
There are five main drivers that fuel this value. Understanding where these values lie will allow business leaders to begin planning how they can benefit from IoT.
The amount of Value at Stake is somewhat evenly distributed across each of the five drivers.
- Asset utilization — reduces selling, general, and administrative (SG&A) expenses and cost of goods sold (CoGS) by improving business process execution and capital efficiency.
- Employee productivity — creates labor efficiencies that result in fewer or more productive man-hours.
- Supply chain and logistics — eliminates waste and improves process efficiencies.
- Customer experience — increases customer lifetime value and grows market share by adding more customers.
- Innovation — increases the return on R&D investments, reduces time to market, and creates additional revenue streams from new business models and opportunities.
The Industrial Internet of Things and the proliferation of smarter end points, data analytics, cloud computing, and mobility are the next evolutionary steps to further facilitate the pursuit of the connected enterprise.
It’s going to allow you to better leverage the most powerful element that too few organizations today are fully capitalizing on: your own real time data.
This intangible commodity is the key to better understanding your operational performance at the most granular level so you can improve operations, and produce more at higher quality levels, in a more efficient manner.
But to capture this value, the industry must adopt these enabling technologies:
- Smart Things – more devices are connecting to our networks
- Data Analytics – turning data into actionable information
- Scalable Computing/Cloud – leveraging scalable computing including off premise resources
- Mobility – creating a smarter and more productive workforce
- Security – everything must be secure
And while leading manufacturers have started deploying some of these technologies, the Connected Enterprise promises to accelerate their adoption.
Buckles-Smith is an electrical distributor with multiple stocking locations throughout Northern California and the San Francisco Bay Area. Contact us today for any questions you may have and we'll help you out.
Contact Buckles-Smith 800-833-7362