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Enabling new business models through the power of software

Enabling new business models through the power of software

Posted by IoT Now MagazineNovember 16, 2017

Industrial manufacturing is one of the core areas of the global economy. Manufacturing plants create employment and encourage development of expertise in high-value sectors, such as product and process design, sales, and marketing.

Development of high-quality services in the areas of engineering, consulting, IT, and research are directly associated with the existence of a robust and innovative manufacturing base. The continuous modernisation of the manufacturing sector therefore represents a major opportunity for economic development and improvements in the labour market in general.

This report aims to identify the main benefits for the companies in adopting smart manufacturing and to highlight monetisation opportunities. It will also briefly discuss the main technological components of smart manufacturing. The report also suggests practical means to overcome the challenges manufacturers face on their journeys to becoming smart. It will also highlight that that journey concerns also all the ecosystem around the manufacturers such as the supply chain and the original equipment manufacturers (OEMs). The study will then end with some conclusive remarks on the status quo and the future path towards smart manufacturing.

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