The Internet of Things (IoT) has emerged as a critical business accelerator, enabling rapid transformation of operations and functions.
This whitepaper by Tata Consultancy Services (TCS) provides incisive insights on the impact of IoT on the manufacturing industry.
The whitepaper presents a Manufacturing perspective of the wider report by TCS titled: TCS Global Trend Study 2015: The Internet of Things – The Complete Reimaginative Force.
Through this report, TCS looks at what business leaders are doing now, and their plans going forward, to leverage the Internet of Things (digital hardware and software embedded in items ranging from consumer goods to industrial machines) in the Manufacturing Industry.
The IoT study focused on four issues:
- Who’s investing the most in IoT initiatives, and what magnitude of investments do they plan to make in the next few years? Moreover, what exactly are they investing in?
- What IoT technologies are companies using, and what are they doing with them? In what aspects of their business are they using them (marketing, sales, service, supply chain, and so on), and how have they improved functional performance?
- Has IoT enabled some companies to fundamentally change their business models – the very products and services they offer, and thus how they make money?
- What are the key lessons companies have learned in trying to make money from their IoT initiatives – either by generating new revenue or reducing costs? What differentiates the companies that have generated the greatest revenue from the IoT from the ones that have yielded the least?