What’s the Future of IoT? (And Why Manufacturers Care)

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For the third year in a row, the Internet of Things (IoT) was the talk of the Consumer Electronics Show (CES). Gadgets aren’t industrial equipment, however, and manufacturers need more than smart lightbulbs and wireless speakers. According to Forrester Research, IoT technologies are still “immature.” In fact, many are in the survival phase of Forrester’s TechRadar model. Does this mean manufacturers can ignore IoT then?
Think again. IoT is a “business-led trend,” Forrester reports, and 23% of enterprises are already using the Internet of Things. Another 29% are planning to implement IoT technologies within the next 12 months. Like other types of businesses, manufacturing companies want to maintain a competitive advantage. But what are the applications for IoT’s early adopters, and do any of these applications matter to manufacturers?
As Gil Press, a writer for Forbes explains, enterprises are using IoT to “transform their business models”. Specifically, these innovative organizations are “moving from one-time product transactions to ongoing product-as-a-service relationships”. What might this mean for manufacturers then? Eventually, Gil Press claims, buyers will “ask about the sensor capabilities in the mobile app for a new machine tool”.
Are industrial buyers asking questions like this yet? If they’re not, they may start when they learn more about corrective analytics, an IoT technology that automatically applies corrective measures based on real-time outcomes rather than mere predictions. Even Forrester Research can’t predict the future of IoT with absolute certainty, but manufacturers may find that the best IoT technologies are yet to come.
Image Credit: © vectorfusionart/Dollar Photo Club


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