The Internet of Things (IoT) is the system of interrelated computing devices, sensors, controllers, mechanical and digital machines, objects, etc., that are able to transfer data over a network. There are currently billions of different things connected via networks. That will grow quickly to trillions. The cost of connecting disparate items, the cost of providing network connectivity, the cost of storing and analyzing the massive amounts of data are all dropping significantly. Our capability to make sense of the raw data to find patterns and predict outcomes based on the data that we can now collect is growing exponentially. The winners of tomorrow will be the companies that can best utilize the massive amounts of data that they can access.
For industrial companies, the cost of sensors is dropping while their capabilities are increasing. The ability to handle, store and access large sets of data and find the nuggets of information there is giving manufacturers access to knowledge to save costs, improve quality, increase productivity, and a host of other things that give them a competitive edge. The ability to predict machine breakdowns is already reducing downtime significantly in many operations. Correlations between a myriad of different process variables and the quality of the products produced are leading to less waste and more customer satisfaction.
The Internet of Things is an opportunity for companies to gain market share in a way they never could before. Predictive analytics and artificial intelligence are brining new insights to managers who are seeking to make breakthroughs in their operations. Those who stand back and wait will find themselves behind. If you need help understanding the opportunity or how to take advantage of it, call us. We’ll help.