Today’s manufacturers are on the cusp of a fourth industrial revolution, in which internet-connected sensors (aka, the Internet of Things, or IoT) make physical machines and objects more intelligent. To realize the promise of industrial IoT, however, companies must combine operational technology with enterprise IT, and collect and analyze data across the entire manufacturing ecosystem to generate actionable and valuable insights.
By doing so, manufacturers can better manage production, address customization requirements and add value. In turn, they can more intelligently manage their businesses, improve response time, promote innovation, reduce costs and boost revenues. In our view, here’s how forward-thinking executives should be thinking about the opportunity.