Internet of Things in Manufacturing
In the realm of manufacturing, the Internet of Things (IoT) is also known as the Industrial Internet. Smart factories, implementing an IoT system offer three different areas of benefits:
IoT may increase the product’s Customer Value by extending its capabilities or creating entirely new use cases. In this scenario, the product itself usually becomes as “Thing” in the Internet of Things.
IoT may reduce costs of manufacturing a product by automating certain processes along the supply chain or increase efficiency by monitoring and analyzing the use of resources across the entire business.
IoT may mitigate risks by tracking assets and personnel or predicting and preempting interruptions.