The manufacturing industry is fundamentally changing, with advanced technologies increasingly underpinning global competitiveness and economic prosperity. Industrial leaders are digitizing essential functions within their operations, as well as, with their partners along the value chain. In addition, they are enhancing their product portfolio with digital functionalities and introducing innovative, data-based services. While exponential technologies can and should be leveraged in core, adjacent, and transformational areas, focusing a larger portion of resources at the transformational edge may help manufacturers capture innovation opportunities, grow faster, be more agile, and unlock novel forms of value for long-term prosperity
The value in data is its potential to generate insights that lead to better business. Identify business use cases you believe in and then think about the models and data you need to operationalize them. Focus and prioritize the top-3 use cases that are the easiest or fastest to implement or the ones that generate significant business impact.
Companies can further develop the use cases they’ve come up with by identifying ways of gathering even more data. This could take the form of, e.g., installing additional sensors, identifying other external data sources, or incentivizing customers to provide more data. They might also get more out of existing data by making a bigger investment in feature engineering, i.e., creating smart variables based on business insights and domain knowledge and leveraging faster IT and better algorithms.
In addition to more fully exploiting data, organizations should commit to moving strategically and boldly into the implementation of use cases. This means that not only should implementation focus on impact, it should not be limited to a single use case. Rolling out multiple use cases simultaneously and orchestrating them to achieve impact at scale requires a full tech-enabled transformation of the business.
80% of the most innovative companies leverage data to drive advantages in their business. With a value of over $71 trillion, can you afford not to be a part of the Internet of Things? Sensors and other data gathering IoT endpoints in fact are going to be the chief reason for proliferation of limitless data. This IoT data will prove to be the real wealth for the businesses using technology. The IBM IoT Platform helps you build, manage, and quickly launch IoT applications whether you are a fast-moving start-up or an enterprise. Get started on your IoT journey at https://www.ibm.com/in-en/internet-of-things
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