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How Your Sensor Data and The Internet of Things Can Save You A Lot Of Money

21st Mar `14, 02:44 PM in Resources

The Internet of Things, Industrial Internet, Internet of Everything, no matter how you name it, the upcoming connected…

BDMS
Guest Contributor
 

The Internet of Things, Industrial Internet, Internet of Everything, no matter how you name it, the upcoming connected world will change everything and create massive amounts of sensor data. According to Cisco, it is going to be a $ 19 trillion market within the coming years. This includes a projected $ 2.9 trillion for manufacturing, or the Industrial Internet as dubbed by GE. Cisco already started on the Internet of Things back in 2008, probably far ahead of many other companies.

For manufacturers, the Internet of Things (IoT) will mean using sensor data to optimize manufacturing processes and improving products. According to Stefan Groschupf, CEO of Big Data Startup Datameer, manufacturers need to “investigate and implement Big Data solutions to optimize processes, pull away from their competitors and ultimately save massive amounts of time and money.”

However, a 2013 survey by the American Society for Quality (ASQ) showed that currently only 13% of the manufacturers surveyed have made (parts of) their factories smart. Those organisations that did implement sensors, 82% said to have experienced increased efficiency, 49% noticed fewer product defects and 45% experienced higher customer satisfaction. Another survey by ARM Holdings among 779 business leaders, showed that 23% believe that the IoT will change their business or strategy. In addition, 30% believe that the IoT will unlock new products and services from existing products and services. So, although the results are significant, still very few organisations making their organisation smart, but that is probably just a matter of time. The ARM survey also revealed that 95% believe their company will be using IoT in three years.

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