Manufacturers starting to feel the benefit of IoT, new research claims
More than two thirds of manufacturers say they plan to embed smart devices or intelligence into their products, according to research from the MPI Group.
The study, titled ‘Manufacturers Around the World Are Now Profiting from the IoT (Are You?)’, aimed to learn about the various benefits derived by manufacturers from implementing the Internet of Things.
The study, wherein 374 manufacturers participated from around the world, focused at the production of smart devices and the implementation of embedded intelligence within plants, processes, and products of manufacturers around the world.
Investing in the IoT has been a great contributor in increasing productivity and profitability of the company according to the report, by 72% and 69% respectively, from application of the IoT to plants and processes. There was an increase in implementation of IoT with 50% of manufacturers now using it in production activities and 68% having plans to embed smart devices or intelligence into products. Profitability from sales of IoT-enabled products such as embedded intelligence also contributed to profitability to 65% of manufacturers.
The study also noted the lack of awareness among many small manufacturers leading them to lose competitive edge in marketplace. About 46% of the manufacturers faced difficulties in IoT implementation. Another drawback was non-availability of IoT data to all in need, with only 34% of executives being able to gain access to it (and even worse numbers for customers and suppliers). Research conducted by MPI two years back concluded that a significant percentage of manufacturers were completely unaware about IoT.
A full report on the study will be released in late May, which will give a detailed view including key cross-tabulations and impact of IoT on businesses in future.