Three game-changers for the manufacturing industry in 2018
Antony Bourne IoT being built into the product design, manufacturers adopting a more service-centric business model, and 3D-printing reaching the tipping point of realizing business benefits on a large scale. These are the three game-changing predictions that Antony Bourne, IFS Global Industry Director of Industrial and High-tech Manufacturing outlines for 2018. 1) By the end of 2018, over 50 percent of manufacturers will be building IoT technology into the design phase of their products. In 2018, IoT will take a decisive step forward in its evolution. If we once thought of IoT as a product’s nervous system, this year will see it grow from picking up signals at the periphery to being the brain of the product, constantly sending, receiving, growing and gathering information, from the center of the product throughout its lifetime, and in the process enabling new services and revenue streams. Manufacturing is undoubtedly heavily impacted by IoT today. According to Global Market Insights, IoT in the manufacturing market was valued at over US$ 20 billion in 2016 and will grow at more than 20 percent up to 2024. Current IoT investments that are unique to the manufacturing environment are taking place in three major initiatives: Smart manufacturing to increase production output, product quality, or operations and workforce safety as well as lower resource consumption Connected products to impact product performance, including collecting detailed information on products in the field, remote diagnostics and remote maintenance Connected supply chains to increase visibility and coordination in the supply chain, tracking assets or inventory for more efficient supply chain execution We will see IoT included as a part of the design process in all three of these IoT initiatives. Manufacturers are realizing that by engineering IoT technology into products and equipment already in the design process, you can monitor not only […]