The Telit Iot Innovation and IoT Evolution Conference was held in Ft. Lauderdale last month. Companies from all over gathered together to learn how the Internet of Things is driving productivity, asset optimization, cost savings and new revenue from retailers to manufacturers.
IoT has become the buzzword of the 21st century, but the question we heard repeatedly while at the show was what to do with all this data, how it can be managed effectively and how you turn this into business benefit, especially on the shop floor?
A Smart shop floor is all about getting the right information delivered to the right people or machines at the right time to enable better business decisions. Digitizing the value chain by injecting technologies like artificial intelligence, Internet of Things and automation using robotic technologies enable organizations to truly transform internal operations and the services they provide. During our session, Imagination to Integration – Role of IoT in Smart Factory Transformation, we addressed this very issue and showed several examples of the role of IoT in the supply chain and explained how to begin to build smarter factories and shop floors.
Another key observation we had was that many organizations are narrowly focusing on using their IoT data only to reduce costs and better operations. While these programs are all very valuable, many are leaving out the huge potential of top-line incremental revenue opportunities. These types of focus adjustments can take your IoT projects from saving little to earning a lot, not to mention helping to prove viability and gain organizational buy-in. By focusing on these opportunities in the data you can look to identify better recommendations, cross-sell opportunities and even begin to offer servitization as an extension of your current portfolio.
But what about time? How long would it take to get something like this off the ground? Contrary to popular belief, within about 10 weeks you can see what’s possible by doing the data assessment. And within one to three quarters you can be experiencing major top-line improvements. The Internet of Things is here and now. It’s transforming industries and improving business. The time is now to start thinking and working on your own IoT programs.