APAC manufacturers lead global peers in IoT investment in near-term
September 16, 2021
For most of the APAC manufacturers, cost efficiency is the key competitive advantage. IoT in increasingly a critical element in achieving operational and cost-efficiency. Connected operations (machines, equipment, workforce, etc.) enables real-time visibility and actionable insights.
Most IoT engagements in industrial manufacturing are centered around shop-floor operations. However, with IoT there is an increasing supply chain and aftermarket services applications. There are increasing examples in North American and European manufacturers that describe how they are using IoT across their value chains. For example, John Deere is leveraging IoT to enable smart farming, extending the applications of IoT beyond smart operations to the extended supply chain.
IoT will be a critical component of the hyperconnected ecosystems of the global industrial manufacturing and supply chain networks. Strong investments globally reflect a willingness to adopt, but many firms will need support harnessing the data generated by these investments.
The Bottom Line: As COVID-19 has hit the topline of the industrial manufacturers, as such many of the enterprises have prioritized cash-flow into the organizations in the short-term. Once COVID-19 uncertainty recedes, enterprises should start focusing on strategic IoT investments in the areas of smart product development, connected supply chain, and data management.
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