Article | November 20, 2021
The manufacturing business has always prioritized providing the excellent and most user-friendly products worldwide to its target consumer groups. However, digitalization and customer interaction approaches have altered the manufacturing industry's traditional business model.
Now, manufacturers must prioritize improving the customer experience for their target consumer group and keeping up with new trends daily to flourish and remain competitive in the upgrading market. Because, in the end, the buyer is the one who drives your business and generates money. Manufacturers are committing significant efforts to improve the customer experience in the following years.
To assist manufacturers in their sincere efforts to improve the customer experience in the manufacturing industry, we have compiled some key facts that must be understood and executed by the industry's or business-specific needs.
Before going into manufacturing customer experience statistics, it's essential to understand why customer experience is so critical in the manufacturing industry.
The Importance of Customer Experience in Manufacturing
Customer service and experience are critical components of any business, which is true in the manufacturing sector. Customer experience can be described as any activity taken by a business to positively influence a customer's impression and opinion of the business, its products, or services.
“You’ve got to start with the Customer Experience and work back toward the technology, not the other way around”
– Steve Jobs.
Customer experience benefits your business in a variety of ways, including the following,
It increases customer retention
It increases the customer lifetime value
It creates brand loyalty
It influences brand reputability
It can deliver businesses with a competitive edge.
Manufacturing Customer Experience Statistics
Make your manufacturing business more customer-centric and reap the benefits that many customer-centric companies, such as Apple, Nissan, and Chick-fil-A, are experiencing.
To better understand what the customer and industry have explored regarding the customer experience in 2022, below are some statistics from well-known businesses.
Businesses that prioritize customer experience see an 80% increase in revenue.
A positive customer experience increases customer interest in the product and acts as a form of word-of-mouth marketing. This way, the business benefits from increased sales and organic promotion by genuine consumers, critical for any manufacturing organization.
# Stat 2
73% of customers say that customer experience influences their purchasing decision.
Customers are not solely concerned with the product's quality or pricing. Instead, they are interested in the complete experience they get while purchasing a product. Therefore, if customers have a negative experience during the purchasing trip, it is pretty likely that they will leave the purchase process in the middle and hunt for other viable solutions on the market. Whereas, if the purchasing journey and post-purchase service are satisfactory, they will gladly purchase the goods and suggest new clients to your business.
# Stat 3
By 2023, AI and machine learning will manage around 40% of all consumer contacts.
(Source: Super Office)
Manufacturing production and revenue are increasing as a result of technological advances and applications. However, the customer experience is not far behind in implementing cutting-edge technology like AI, VR, and AR. For instance, chat bots are the best example of how artificial intelligence, natural language processing, and machine learning are being used to increase consumer engagement.
Virtual interaction is becoming more prevalent in the manufacturing industry daily, and both manufacturers and customers like this digital interaction.
“Our interactions with our customers have become much more virtual, which frankly seems to work well for the customer and us.”
-Scott Heide, Chief Executive Officer at Engineering Intent Corporation
Technology application in manufacturing will be maximized, and businesses intend to automate the customer experience by 2023.
# Stat 4
According to 70% of customers, an ideal customer experience should be quick, convenient, and cooperative, as well as friendly.
Customer service is a skill, and it's always a good idea to put yourself in your clients' shoes. According to an Adobe study, 70% of customers want a quick and convenient service that saves them time. In addition, they anticipate full collaboration throughout the purchasing process, including post-purchase servicing.
# Stat 5
72% of customers with a good consumer experience will tell six or more people about it.
(Source: Nice Reply)
In the first statistic, we discussed word-of-mouth marketing. You will always receive referrals for the excellent products or services you provide to your target consumer group. Customers that have a positive experience will always bring you two additional potential customers, and this number will grow exponentially with each pleasant experience delivered by your organization.
How did MacDonald's plan to increase revenue simply by improving the customer experience?
When McDonald's revenues started to decline, they focused on the customer experience rather than marketing strategies.
They began by listening to their clients and giving them a more streamlined experience. Customers told McDonald's to simplify the menu, increase order accuracy, and use higher-quality ingredients.
McDonald's also improved store interiors and introduced digital self-order kiosks and table service, reducing customer wait times. BTIG predicted a 4.1% increase in revenues as these modifications were made. As a result, McDonald's may outperform competitors by improving total customer service.
Customer experience is crucial in manufacturing, and manufacturers must leverage digital customer experience trends to improve their reputation. These a fore mentioned customer experience statistics can assist you in shaping a compelling client experience for 2022 and propelling your organization to new heights of success.
Why should a manufacturing company invest in customer experience?
Client experience improves customer retention, builds brand reputation, and gives companies a competitive edge. So manufacturers must invest in the consumer experience.
What is the difference between customer service and customer experience?
Customer service is one aspect of the customer journey, whereas consumer experience is the sum of all customer encounters with the brand.
What does a customer experience include?
Customer experience is the overall perception of your business or brand. It is the consequence of a customer's engagement with your website, customer service, and the product they purchase. So, it is the aggregate of all elements from browsing to buying to the product experience.
"name": "Why should a manufacturing company invest in customer experience?",
"text": "Client experience improves customer retention, builds brand reputation, and gives companies a competitive edge. So manufacturers must invest in the consumer experience."
"name": "What is the difference between customer service and customer experience?",
"text": "Customer service is one aspect of the customer journey, whereas consumer experience is the sum of all customer encounters with the brand."
"name": "What does a customer experience include?",
"text": "Customer experience is the overall perception of your business or brand. It is the consequence of a customer's engagement with your website, customer service, and the product they purchase. So, it is the aggregate of all elements from browsing to buying to the product experience."
Article | February 3, 2022
Inventory management in warehouse is a never-ending cycle till the time the business is in operation. As your business expands, so does the amount of effort and money spent on warehouse inventory management. After all, the more orders you receive, the more time you'll need to spend on inventory replenishment and warehouse organization.
Fortunately, there are several methods to enhance the warehouse inventory management process, from more efficient storage to the use of automation and other solutions that can minimize manual labor, human error, and total expenses.
In this article, we will look at some of the key challenges that manufacturers face while managing their warehouse inventory and their solutions. Furthermore, we see the best practices for optimizing your warehouse inventory management that would ultimately enhance the efficiency of business operations.
Warehousing and Inventory Management Best Practices
Appoint a Warehouse Supervisor
Managing an effective warehouse begins with hiring a qualified manager. Your organization should choose a warehouse manager with substantial expertise in operating a warehouse comparable to the one you will be operating. A skilled warehouse manager ensures that everything runs smoothly. He/she must be organized, knowledgeable about warehouse operations and technology, and function as a quarterback for the warehouse's rest of the team.
Your warehouse manager will monitor your staff to ensure things are correctly scanned and cataloged. Additionally, they will frequently engage with your warehouse inventory management software to keep a bird's eye perspective on your goods. Finally, your warehouse manager will be responsible for handling any inconsistencies or challenges that develop, so that they respond dynamically anytime your warehouse staff discovers a problem. Some attributes to look out for in your warehouse manager are: organizational ability, precision, tech-savvy, safety-mindedness, leadership, integrity, and a sense of calm.
Plan the Warehouse Layout
The structural layout of your warehouse will either assist or limit your warehouse workers' ability to promptly pick, load, and send items out in response to a sale or transfer request. By dividing warehouses into zones or slots and numbering aisles and bins, warehouse employees may more easily navigate the storage facility. While not all warehouses are designed the same way, an organized warehouse is necessary for effective operations. The way you plan your warehouse space will depend on the things you store. For example, a warehouse containing huge machinery may have specialized zones, whereas a warehouse storing small retail products will have bins and aisles.
Optimizing your warehouse plan will not only enhance space utilization but also increase warehouse productivity and save you money. Consequently, this helps you reach your company goals and satisfy your customers with on-time deliveries.
Create a Workflow
Maintaining an efficient inventory control warehouse is critical to avoid bottlenecks and out-of-stock situations. In addition, a streamlined inventory workflow can assist you in keeping your buyers satisfied and convert them into loyal customers. So, how would you establish an efficient workflow?
Here are some helpful warehousing and inventory management suggestions:
Make an attempt to estimate future sales.
Use tools that assess old sales and forecast future sales for you.
Set a minimum production quantity for each product. This helps to avoid losing sales and income due to product shortages.
Set a maximum stock limit. This assists in avoiding overstocking a product, which can result in considerable losses.
Ensure that products are delivered out in the order in which they were received (first in, first out) to maintain product freshness and reduce shelf life.
Use a warehouse inventory management system. This is the simplest and most effective method of maintaining a steady inventory flow.
Invest in Warehouse Inventory Software
A warehouse management system (WMS) is a software solution designed to automate, optimize, and support the operations and activities of a business warehouse. It can automate and simplify a variety of warehouse management operations and maintain a real-time inventory record of all available goods. When goods arrive and depart the warehouse, your warehouse inventory management system will accurately show all inventories and its whereabouts.
Warehouse inventory management software may be configured to automatically replenish stock when a predefined minimum number of items are reached. The finest software analyzes previous sales data automatically to identify the appropriate minimum number for automated reordering. It also determines the minimum quantities at which each product should be replenished.
Warehouse Inventory Challenges and Solutions
Limited Visibility & Solution
Inventory visibility refers to the ability to view and track inventory in real-time. It also helps gain insight into the exact number of units of each SKU in stock at all locations, along with its location within a warehouse or fulfillment center.
When inventory is difficult to identify or find in your warehouse, it can result in incomplete, inaccurate, or delayed shipments. Receiving and locating the correct stock is essential for smooth running warehouse operations as it helps to maintain a positive customer experience.
Solution: To optimize purchasing and receiving operations, increase accuracy, and eliminate missing goods. Including photos with correct product descriptions in your inventory database can also be helpful. Investing in inventory management software is, once again, the best way to overcome low inventory visibility. These systems are meant to automate the process of inventory management across the supply chain, all from a single dashboard. The adoption of digital and data-driven procedures allows businesses to have a comprehensive view of inventory management in warehouse.
Inventory Depletion & Solution
Unsold goods are considered a loss in inventory. Multiple factors contribute to inventory depletion or shrinkage. Sometimes stocks can become obsolete or out-of-date before being sold. In addition, spoilage, damage, or theft are a few other reasons for inventory loss and can be referred to as a serious supply chain issue. Therefore, it is necessary to identify, track, and measure trouble areas.
Solution: Using a third-party logistics (3PL) or fulfillment service (fulfillment solution) increases security. To reduce inventory shrinkage, they'll take the necessary steps to keep your goods secure. They'll provide you with the technology and reports you need to keep an eye on stock levels.
Using an Old Excel Spreadsheet & Solution
The expansion of a company will be hampered if inventory is managed manually using paper-based techniques. A lack of digitalization and an ineffective inventory management procedure yield dismal outcomes when sales volumes rise and inventory increases. It is time to replace excel spreadsheets with newer technologies like business intelligence and to analyze and track large businesses better.
Solution: Having an inventory management system will make the process more efficient and provide you with real-time data. Businesses utilize various inventory management systems, depending on their type of operations. Manual inventory, periodic inventory, and perpetual inventory are three examples of inventory management approaches. Another option is to use one of the several software programs such as Upserve, Megaventory, and Orderhive for inventory management that are currently available on the market.
Warehouse Space Management & Solution
A warehouse layout that facilitates the simple selection, packaging, and shipping of orders is a sign of efficient warehouse space management. Designing a functional warehouse layout is critical since it directly influences the efficiency and productivity of your warehouse. A well-designed warehouse layout enables easy access to stored goods, saves travel time, and increases order fulfillment rates.
Solution: Optimize storage space and inventory flow by utilizing inventory management systems that include warehouse management features. Automate order picking, packaging, and shipping operations by categorizing inventory storage by shelf, bin, and compartment.
Communication Difficulties & Solution
Collaboration and communication are critical in the management of warehouse. Lack of communication in a warehouse can result in disorganized operations, resulting in errors and inefficient processes. In practice, this might imply that stock is misplaced or delayed, resulting in a negative customer experience.
Solution: Warehouse workers should be equipped with phones and radios for one-on-one communication. Mobile devices are the foundation of portable communication, which is critical for warehouse employees who are always on the move. Supervisors and managers must have a PA system, also known as a public address system, to make announcements in an emergency or when loading and unloading goods.
Another option to simplify warehouse operations is to distribute wearable GPS devices to your employees. Using cloud-based software to manage inventory also provides the best solution for checking stock and communicating data across departments.
Warehousing and inventory management affect every step of your e-commerce supply chain, from receiving and storing goods to fulfilling and shipping orders. Poor warehouse inventory management may lead to higher logistics costs, dissatisfied warehouse personnel, more picking and packing errors, delayed shipments, and disappointed customers. However, with some of the best practices mentioned above, you may improve your warehouse inventory management. You can take advantage of the solutions to most of the key challenges listed above.
What are the four ways to control inventory?
The four key ways of controlling inventory are as follows: just-in-time delivery, downloading inventory software, stock control, and lowering carrying costs.
How is inventory management different from warehouse management?
The primary difference between the two systems is the human component. While inventory management is concerned exclusively with merchandise or stock, warehouse management includes the administration of workers as well as shipping or shipping professionals who work in a warehouse setting.
What are the four inventory management types?
Primarily, inventory management is grouped into four types:
Maintenance, repair, and operations (MRO) goods
Article | October 27, 2021
Technologies in the manufacturing industry are upscaling daily. Manufacturers are keen to embrace the latest manufacturing trends to improve their manufacturing process, total production rate, and product quality at their factories. Manufacturing technology advances have also boosted production speed while retaining product quality.
“As technology takes over and enhances many of the processes we used to handle with manual labor, we are freed up to use our minds creatively, which leads to bigger and better leaps in innovation and productivity.” – Matt Mong, VP Market Innovation and Project Business Evangelist at Adeaca.
Apart from manufacturing technology developments, we will look at new manufacturing business trends in this article, which will help you achieve maximum customer engagement and a positive relationship with your target consumer groups.
So, let's see some of the top manufacturing business trends that are assisting the industry in improving its business processes.
Manufacturing Business Trends: 2022
Manufacturers must adopt a business procedure that focuses on the target consumer group. Also, incorporating social responsibility and technology into company procedures would be beneficial.
Here are five ways manufacturing leaders are becoming more communicative and results-oriented in their manufacturing and consumer experience strategies.
Deliver a One-of-a-kind Digital Experience
Every industry's target demographic is now online. Manufacturers must use digitalization to interact with their target consumer group to be noticed and remembered. Maintain an active presence on all popular digital platforms used by your target demographic. Post your new products, business strategy, or get genuine customer feedback on your brand and products. Engage your target audience and keep them informed of your progress in making their lives easier.
“Marketing is VERY important to any company, although I generally see it being justified by the number of web hits or ‘leads’ that come in” – John Hays, Director of Sales at BALYO
Allow your clientele to interact with your products digitally. To be a part of the new digital revolution in any industry, create a new digital business model.
Initiative for Ecosystem Partnership
An ecosystem partnership is a network of enterprises working together to provide a product or service to meet changing market needs. A partner ecosystem can generate customer-ready solutions faster. It also helps firms to co-create value. This value is demonstrated in extraordinary customer and partner experiences. The B2B ecosystem partners work together to bring mutual benefits to their companies.
Revenue Generation via Data Monetization
Data monetization allows industrial CIOs (Chief Information Officers) to monetize their digital products and services. Rapid digitization in manufacturing generates massive data. CIOs may monetize and distribute data across ecosystems. CIOs can leverage information as a resource to generate new services or business models. This ensures revenue even when external reasons like supply chain issues or human resource shortages interrupt the firm.
Using the Equipment as a Service (EaaS) Approach
EaaS, or Pay-Per-Use, is defined as: A business model where equipment is rented rather than sold, with remote diagnostics and predictive maintenance solutions offered by the vendor.
Using Eaas reduces capital expense, improves data reliability, and lowers operating costs. As a result, producers can undertake all production-related tasks with precision.
Bosch RexRoth CytroBox – a Perfect Example of EaaS
The global equipment-as-a-service market is estimated to develop at an 11.5 percent CAGR from 2021-2027. (OpenPR)
The RexRoth Cytrobox from Bosch is an example of EAAS. This hydraulic power unit converts electrical power into hydraulic fluid pressure and flow to move and force a machine. They are widely utilized in presses and tooling equipment.
It can handle up to 33 kW in a small space. Its exceptionally flexible; its unique design allows it to run efficiently and quietly. In addition, modern automation and sensor packages allow easy integration into modern machine designs.
Benefits of Bosch RexRoth CytroBox
It provides data insights during the long lifecycles
Using this hydraulic power unit on a lease can save a lot of money which cost $100.000
It requires heavy maintenance cost as per its type of usage that can be avoided with the EaaS approach
Shifting the Emphasis from B2B to B2C
Many firms are moving their attention from B2B to B2C to understand their target consumer better. This new strategic approach helps producers identify market needs and gain real-time feedback on their products. This method helps producers increase profit margins while also controlling the product's interaction with the intended audience.
The latest manufacturing trends will take you to the cutting edge of manufacturing. The manufacturing developments in 2022 will boost the total manufacturing market in the coming years, allowing manufacturers to generate more business revenue.
What is the manufacturing industry's future?
Industry 4.0 is rapid technological progress in production and is transforming the worldwide manufacturing industry. According to bccresearch's market research, the global manufacturing and process control market is predicted to increase from $86.7 billion in 2020 to $117.7 billion in 2025, a CAGR of 6.3 percent.
What is the industry 4.0 technology in the manufacturing industry?
IoT, industrial internet of things (IIoT), Cyber-physical systems (CPS), cloud computing, artificial intelligence, big data, machine learning, robotics, virtual reality, augmented reality, and additive manufacturing or 3D printing are some technologies that are used in industry 4.0 factories.
What are the current technology trends in the manufacturing industry?
AI, robots, 3D printing, and the like are all the latest manufacturing trends in manufacturing technology. Additionally, enterprise resource planning (ERP), cloud computing, and machine vision all play a significant part in advanced manufacturing.
"name": "What is the manufacturing industry's future?",
"text": "Industry 4.0 is rapid technological progress in production and is transforming the worldwide manufacturing industry. According to bccresearch's market research, the global manufacturing and process control market is predicted to increase from $86.7 billion in 2020 to $117.7 billion in 2025, a CAGR of 6.3 percent."
"name": "What is the industry 4.0 technology in the manufacturing industry?",
"text": "IoT, industrial internet of things (IIoT), Cyber-physical systems (CPS), cloud computing, artificial intelligence, big data, machine learning, robotics, virtual reality, augmented reality, and additive manufacturing or 3D printing are some technologies that are used in industry 4.0 factories."
"name": "What are the current technology trends in the manufacturing industry?",
"text": "AI, robots, 3D printing, and the like are all the latest manufacturing trends in manufacturing technology. Additionally, enterprise resource planning (ERP), cloud computing, and machine vision all play a significant part in advanced manufacturing."
Article | March 1, 2022
Industrial IoT (IIoT) is an abbreviation for the Industrial Internet of Things, originally defined as the Internet of Things (IoT). It is utilized across industries, including manufacturing, and shows great positive results, supporting overall business growth.
According to Grand View Research, globally, the industrial internet of things market size was worth around $216.13 billion in 2020 and is predicted to reach over $1.1 trillion by 2028. Is IIoT similar to IoT? The answer is yes.
“If you think internet has changed your life, think again. The internet of things is about to change it all over again.”
– Brendan O’Brien
Like the Internet of Things, the Industrial IoT has multiple use cases and applications. Additionally, the Industrial Internet of Things (IIoT) opens up new opportunities in multiple areas. Some of the industrial internet of things examples are as follows:
The Internet of Things industrial automation and optimization
Intelligent manufacturing and smart industries
Asset performance management and industrial control
Moving towards an on-demand service model
New ways of servicing customers
New revenue streams
Internet of Things Industrial Applications
According to IDC, manufacturing operations are the primary use case for the IoT in manufacturing. In this article, we'll look at five particular IIOT applications in manufacturing operations, production asset management, and field services that are driving Industrial IoT adoption in manufacturing.
Industrial IoT can link machines, tools, and sensors on the shop floor, providing much-needed visibility into production for process engineers and management. For instance, businesses may use sensors like RFID and break beams to track components as they travel through assembly automatically. Additionally, industrial IoT apps may provide supervisors and plant managers with a real-time picture of their teams' yield by linking operators’ tools and production equipment. Organizations may utilize this degree of visibility to detect bottlenecks, determine the main cause of issues, and improve more rapidly. Dashboards for real-time IIoT production visibility can help businesses find problems and track productivity in real-time.
Continuous Monitoring for Quality Improvement
Environmental sensors continuously monitor necessary quality conditions and notify management when crucial quality thresholds exceed permissible limits. For instance, temperature control is crucial to pharmaceutical manufacturing. By utilizing IoT-connected sensors, managers may monitor temperature and humidity and receive quick alerts if they deviate from expected values. Continuous monitoring, similar to machine monitoring, can help you keep an eye on your assets in real-time.
Maximize Machine Use
The Industrial Internet of Things enables businesses to link their machinery to the internet. This technology enables organizations to monitor their machines in real-time while also tracking critical KPIs such as overall equipment effectiveness (OEE) and overall process effectiveness (OPE). By monitoring these indicators, businesses may discover and resolve sources of unscheduled downtime, perform preventive maintenance on their equipment, and maximize machine used throughout the operation. According to a recent McKinsey article, sensor data used to forecast equipment failure in production may reduce maintenance costs by up to 40% and unscheduled downtime by half. So, by applying IIoT, you may monitor the key performance indicators (KPIs) that are most important to you.
Improve Plant Management
Using sensors in production plants may enhance their management and minimize the operating expenses of a plant. For example, by employing sensors such as RFID tags to monitor facilities, manufacturers may gather insights to help them optimize space consumption. Using IoT-enabled sensors to monitor environmental factors like temperature, humidity, and others may also help firms better manage their buildings. Finally, businesses can save energy, cut costs, and improve operational efficiency by keeping an eye on their machines and making sure they are running in the right conditions.
Optimize Supply Chain Management
The Internet of Things enables sensors to monitor events across a supply chain, delivering real-time data by tracking inputs, equipment, and products. RFID tags and other sensors can track inventories throughout the supply chain. This gives businesses a better understanding of their inventory and more realistic deadlines for material availability, work in progress, and others. Organizations may use this data to detect interdependencies, map material flow, and monitor production cycle durations. This data aids businesses in predicting risks. It also lowers inventory levels and, perhaps, capital requirements. No code tables hold all of your inventory data. Tables are automatically updated as inventory is consumed during operations.
Industrial Internet of Things vs Internet of Things (IIoT Vs IoT)
It is geared for industrial applications such as manufacturing, power generation, and oil and gas.
It focuses on a broad range of applications, from wearables to robotics and machinery.
To avoid life-threatening or other emergency circumstances, it employs crucial equipment and gadgets connected through a network that requires precise sensors.
Its deployment begins on a modest scale, eliminating the possibility of life-threatening scenarios.
It deals with extensive networks.
It deals with modest networks.
It is capable of processing data ranging from mild to high.
It is capable of processing enormous amounts of data.
It is highly reliable.
It is less reliable.
IIoT Adoption Challenges & Solutions
Significant investment expenses are necessary to transform operations, including hardware, software, and human capital. Businesses frequently view IIoT as a giant leap ahead, resulting in a massive bill. A more effective strategy is to break the projects down into bite-sized implementations with set milestones. This will pave the way for outcome-driven success that can be quantified by top-tier management, resulting in a more passionate reaction and maybe a larger scale resource limitation.
Additionally, expenses can be reduced by utilizing public infrastructure and software-as-a-service rather than custom-built installations. While the cost of IoT continues to decline, numerous organizations' executives are playing the waiting game. This strategy may be good for the short term, but if you wait for prices to go down for a long time, you ccoul lose your competitive advantage and let other people get a better deal.
It's easy to get paranoid about the attacks and problems because of all the news about cyber security. One must address these security concerns methodically and recognize measures to secure critical industrial information. Depending on the level of sensitivity, data can be checked and encrypted using a variety of one-way interactions. SCADA systems do not have to combine and act on sensor data; they can be digitally segregated. Additionally, the cloud infrastructure might be networked inside to create a "private" or corporate cloud with no external access. These security challenges can be surmounted if the advantages of the IIoT outweigh the hazards.
Lack of Skilled Professionals
While it is true that the digital world is rapidly merging with the industrial world, the issue remains as to who in the organization can take charge. An individual or team must bridge the IT and OT cultures and meet opposing demands. The program requires a blended IT/OT viewpoint to achieve IIoT goals while increasing operational complexity and responsibilities.
There are several data science certifications, online courses, and conferences available to educate middle management. Start growing competency while making learning and education a management team KPI. Consider partnering with institutions and educational vendors. The executive team's appetite for knowledge must be continual. Learning will be viewed as a lifetime process requiring dynamic stability and continual mobility.
A shortage of competent personnel was also stated in the Morgan Stanley-Automation World Industrial Automation Survey, with 24% of respondents citing a labor shortage. There is a general shortage of highly specialized talents, but it may also be necessary to look 'outside' to get the essential skills. If there is one thing that is certain in this age of digital transformation and the Industrial Internet of Things, it is that no organization can flourish entirely on its own and that networks, ecosystems, and platforms of partners are critical to success.
Starting an IIoT project should be done with a straightforward and practical approach. This is not a big company-changing initiative, but a series of small projects or digital test beds that might raise sales, profits, or customer retention. Read our latest industrial internet of things infographic for quick tips on tackling IIoT adoption issues.
What are IIoT devices?
IIoT refers to linked sensors, instruments, and other devices networked with industrial applications like manufacturing and energy management.
What is an IIoT platform?
Gartner describes IIoT platforms as a collection of integrated software capabilities. The platform is designed to support industrial assets and their operational environments in safety, security, and mission criticality.
What is the IoE?
The Internet of Everything (IoE) is a concept that builds on the Internet of Things (IoT). It focuses on machine-to-machine (M2M) connections to represent a more complicated system that includes people and processes.