Over the next decade, the Internet of Things (IoT) could make a $4 trillion difference to U.S. manufacturing. By helping manufacturers gain better intelligence about their business operations, IoT can increase revenue and reduce costs. Not all manufacturers are ready to collect and analyze Big Data, however.
At a time when Buffalo’s industrial scene is picking up with employers like SolarCity – which has indicated it will hire 800 process/module technicians over the next year – the University at Buffalo (UB) Center for Industrial Effectiveness (TCIE) is working to rectify the talent void in Western New York.
Early adopters of new technologies are drivers of economic development. By using their knowledge to build technology-based businesses, these early adopters change their communities. During the Enlightenment, cities with more subscribers to Denis Diderot’s Encyclopedie grew more quickly, presumably because readers learned about what were then called the “mechanical arts”. Today, there’s a relationship between patent applications and household income – and the results’ aren’t promising for future growth.
For a city whose fortunes have risen and fallen with Kodak and Xerox, landing the new Integrated Photonics Manufacturing Innovation Hub is like winning an Olympic Gold Medal. Rochester has seen hard times, but the $610-million award that was announced last July is the grand prize after many smaller victories.