IIoT helping drive manufacturing revenue

With the price of sensors falling and available uses growing, IIoT is having an ever greater impact on the industry, but what exactly is that impact?

Data and graph courtesy of TheAtlas.com

 

The Industrial Internet of Things (IIoT) is the current “it” tool that is helping manufacturers get the most out of what they do. With the price of sensors falling and the available uses constantly growing, IIoT is having an ever greater impact on the industry, but what exactly is that impact?

It is almost impossible to explore new manufacturing technologies without coming across IIoT. However, new research shows exactly which areas the technology is impacting.

A recent study – 2016 Reality Check: Transforming Industrial Businesses with the Internet of Things – asked manufacturers across a range of industries which parts of their business have been affected by the introduction of IIoT and seen an increase in revenues.

The data shows that new products/services has seen the biggest impact on revenues thanks to IIoT, with customer experience and new revenue streams seeing a similar impact.

It is possible that these increases are down to a better understanding of how customers use products, leading manufacturers to create new products and services that better fit those needs. Similarly, IIoT can give manufacturers a better insight in to what customers are missing and can offer new products, reflected in those respondents saying that it has affected their revenue coming from new streams such as servitization.

Additionally, creating new markets, greater market share and better pricing all scored highly. This is further evidence that IIoT gives manufacturers a better insight in to the needs of their customers, allowing companies to better tailor their offerings accordingly.