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Internet of Things—defining scope, understanding expectations
06/22/2015
This is part 1 of a 5-part blog series examining the strategy and implementation of the Internet of Things in manufacturing.
The Internet of Things has taken the trade media by storm. Projections and promises of paradigm shifts abound, with every other new article inflating the potential impact by billions of dollars. Finding a realistic framework for manufacturing is a challenge.
According to Cisco, more than 10 billion devices are already connected through the Internet. That number is growing at exponential rates with some notable strategists predicting up to 50 billion objects will be connected by 2020. This connectivity will affect consumers, the extended supply chain, and the way manufacturers plan, develop, produce, inventory, and deliver goods. The McKinsey Institute projects that the global impact of the IoT will reach $2.7 trillion to $6.2 trillion by 2025.
Rapidly changing technology is largely driving this surge, making it easier and more economical to connect machines, people, and products with smart sensors. The price ofmicroelectromechanical systems (MEMs), or smart sensors, has gone down 80% to 90% in the past five years.
Besides costs going down, sizes are getting smaller. A MEM can be as small as a grain of salt (1x1x1 mm)and can hold a solar cell, thin-film battery, memory, pressure sensor, and wireless radio and antenna. A camera that same micro-size can now capture images with 250x250-pixel resolution. And, sensors the size of a speck of dust (0.05x0.005 mm) can detect and communicate temperature, pressure, and movement.
The speed at which this phenomenon is gaining hold is staggering. For example, 300 million smart meters are currently in use by the energy Industry to track grid performance. This will grow to more than a billion by 2020 with an estimated economic impact of $500 billion by 2025.
Gartner report*
To learn more about the Internet of Things strategy, download “Four Best Practices to Manage the Strategic Vision for the Internet of Things in Manufacturing.”
Participate in our IoT survey
We would appreciate learning your thoughts on the Industrial IoT. We’ll share the results with you so you can learn how your responses compare to those of your peers.
Follow this seriesPart 1: Internet of Things—defining scope, understanding expectations
Part 2: Manufacturing’s readiness to reap IoT benefits
Part 3: Operations and IT systems must realign for an integrated IoT strategy
Part 4: Estimating the potential benefits of Industrial IoT
Part 5: Getting started on the IoT journey
*Source: Gartner “Four Best Practices to Manage the Strategic Vision for the Internet of Things in Manufacturing,” Simon Jacobson, November 5, 2014
The Internet of Things has taken the trade media by storm. Projections and promises of paradigm shifts abound, with every other new article inflating the potential impact by billions of dollars. Finding a realistic framework for manufacturing is a challenge.
According to Cisco, more than 10 billion devices are already connected through the Internet. That number is growing at exponential rates with some notable strategists predicting up to 50 billion objects will be connected by 2020. This connectivity will affect consumers, the extended supply chain, and the way manufacturers plan, develop, produce, inventory, and deliver goods. The McKinsey Institute projects that the global impact of the IoT will reach $2.7 trillion to $6.2 trillion by 2025.Rapidly changing technology is largely driving this surge, making it easier and more economical to connect machines, people, and products with smart sensors. The price ofmicroelectromechanical systems (MEMs), or smart sensors, has gone down 80% to 90% in the past five years.
Besides costs going down, sizes are getting smaller. A MEM can be as small as a grain of salt (1x1x1 mm)and can hold a solar cell, thin-film battery, memory, pressure sensor, and wireless radio and antenna. A camera that same micro-size can now capture images with 250x250-pixel resolution. And, sensors the size of a speck of dust (0.05x0.005 mm) can detect and communicate temperature, pressure, and movement.
The speed at which this phenomenon is gaining hold is staggering. For example, 300 million smart meters are currently in use by the energy Industry to track grid performance. This will grow to more than a billion by 2020 with an estimated economic impact of $500 billion by 2025.
Gartner report*
To learn more about the Internet of Things strategy, download “Four Best Practices to Manage the Strategic Vision for the Internet of Things in Manufacturing.”
Participate in our IoT survey
We would appreciate learning your thoughts on the Industrial IoT. We’ll share the results with you so you can learn how your responses compare to those of your peers.
Follow this seriesPart 1: Internet of Things—defining scope, understanding expectations
Part 2: Manufacturing’s readiness to reap IoT benefits
Part 3: Operations and IT systems must realign for an integrated IoT strategy
Part 4: Estimating the potential benefits of Industrial IoT
Part 5: Getting started on the IoT journey
*Source: Gartner “Four Best Practices to Manage the Strategic Vision for the Internet of Things in Manufacturing,” Simon Jacobson, November 5, 2014
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