Thursday, June 4, 2015
Future Considerations for the Internet of Things (IoT)
Posted by Armanino Dynamics Team
The Internet of Things (IoT) has become increasingly more prevalent. As noted in the article “Smart” Products Yield New Data and Revenues for Manufacturers, “At its core, the IoT is a system of interconnected devices that communicate directly with one another to provide data or control functions.” Original equipment manufacturers (OEMs) are adding connectivity to everything from oil rigs to pharmaceuticals.
International Data Corporation (IDC), a market research firm, predicts that by 2016, 70% of global discrete manufacturers will offer connected products.
This expanded interconnectivity means more data to utilize in generating additional revenue streams and developing new business models. The influx of data is helping companies increase efficiency and improve service for customers. Additionally, more information is enabling manufacturers to understand how customers are using their products and pinpoint potential product failures to improve profitability and performance.
As the IoT arena expands, manufacturers need to embrace flexible software integrations to reap the rewards of the big data influx. Organizations need an ERP that can adapt to changing business requirements and a CRM that’s prepared to accept information from the connected devices. They also need to be ready to address the potential security concerns related to software-based devices.
The Internet of Things is creating major opportunities for manufacturers and encouraging better products and services for customers. Learn more from the full article, “Smart” Products Yield New Data and Revenues for Manufacturers and check out additional content for manufacturers in Armanino’s Trends and Insights.
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