IoT. This three-letter acronym has been gaining in importance to businesses each and every day. Its ability to capture and manage data is being referred to as the new oil and it’s spilling into every industry.
IoT (Internet of Things), AI (artificial intelligence), and ML (machine learning). All of these words are changing every industry at a very rapid clip. If you read this column a few weeks ago, you learned that machine learning is an application of artificial intelligence, in which computer systems “learn” by making data-driven decisions.
Artificial intelligence and machine learning are having a considerable impact on the changing tide in manufacturing. The change is so impressive it is actually playing a role in many industries. Its impact is so impressive that for this column I am going to dig into the difference between AI (artificial intelligence) and machine learning.
This week has us all taking a moment to pause and remember the deadly attacks that brought America to its knees. Al-Qaeda terrorists hijacked four planes carrying innocent passengers, and two of them were flown into the two towers of the World Trade Center in New York, which toppled to the ground, leaving devastation in their wake.
Security is such a huge consideration for any business undergoing a digital transformation, and this is true for manufacturers that are automating their factories. The threat of hacks and breaches is real, but it’s not a good enough reason to not invest in the IoT (Internet of Things).
For manufacturers, a digital transformation often means looking for new ways to leverage technology and IoT (Internet of Things)-derived data to generate revenue. And in many cases this means talking about the next generation of manufacturing. What does this actually look like, and what steps do manufacturers need to take to achieve Industry-4.0 status?
Much like manufacturing, construction is truly experiencing a period of transformation and dramatic disruption. Advanced technology and automation is playing a pivotal role in rebuilding our roads, bridges, transit, buildings, homes, and is the cornerstone of projects.
In this column I have been writing about how servitization is an important trend for industrial companies and beyond and how IoT services are creating an outcomes-based economy that benefit tech suppliers and end users alike. Perhaps that’s why it makes a lot of sense to extend the discussion and take a closer look at smart cities and how IoT (Internet of Things) services will play a role in helping cities prepare for a huge upcoming shift—urbanization.
Servitization is a transformation journey. Along this journey, businesses work to develop capabilities for providing services that supplement their traditional product portfolios. In last week’s column I went into great detail to explain these points. So this column, I will give some real-world examples of servitization in action and will offer up what steps manufacturers and other businesses can do to begin their own transformation journey.
The IoT (Internet of Things) is facilitating servitization and a transition toward a more outcomes-based economy. But the real question for you is do you understand how your company can leverage it to help you work smarter, not harder? The other key points that companies need to rethink in today’s connected economy is the way products are designed and manufactured to the way they’re sold, operated, and serviced. And this last point—product servicing—is worth underlining.