The Internet of Things has been a hot topic and there has been a lot of buzz about the subject. Some call it Industry 4.0 some IoT but one thing for sure it is on everyone’s mind throughout not only the IT industry but for countless other industries as well such as manufacturing, supply chain and logistic businesses.
There are some things that stand out about the coverage the IoT has received:
- Is the IoT truly a revolutionary concept?
Automated and sensor-driven computing are things that have been around for a while now. We did not just find out that intelligent machines and automated systems will have benefits to help stream-line manufacturing processes along with adding transparency throughout the entire supply chain process. Machines with sensors have been collecting data for a very long time now. The thing that will make or break the IoT will be its ability to transmit the data it has collected into savings for all companies and industries that it will be connected to it.
Yet the IoT looks like a promising step toward making an even more streamlined business model as well as creating savings for every business connect to it. There is no doubt that the IoT will revolutionize not just the manufacturing industry, but all industries. It is still not clear if the IoT will actually reach the predicted global investment estimate of $500 billion in the next five years but it is very true that we will be facing a new way of dealing with the manufacturing process and doing business as a whole.
- Will the IoT live up to expectations?
There is something we find troubling about all the coverage the IoT has been getting. Every article seems to promise the same generic benefits of the IoT without much detail on how all these systems will actually be implemented. The coverage always includes the same benefits that always include:
-Driving revenue through growth by increased production
– Increase efficiency of plant equipment
– Enable breakthroughs for disrupted new business models
There are still so many questions that need to be answered before we truly know what the IoT could do for any industry that will utilize it. What will be the cost of creating a fully connected manufacturing plant? With manufacturers weary to invest in all new machines with sensors that will connect to the IoT, how long will the process of actually connecting the entire supply chain take? Will everyone instantly jump on board right away? These are just some of the questions we are waiting to be answered. Only time will tell what will come of the Internet of Things but one this is for sure, we are excited to see what it will have in store.