There is a significant need to carry out failure prevention using data-driven truths rather than guesstimates. The combination of mechanical and process induced breakdowns costs up to 10% of a worldwide $1.4 trillion manufacturing market per a 2012 report from The McKinsey Global Institute.
Production has stopped and no one is scurrying around to take care of the flashing red lights. An event that at one time would have caused serious downtime is now only a blip, thanks to the evolution of manufacturing technology.
According to the McKinsey Global Institute, the Internet of Things (IoT) will have a potential economic impact of $3.9 (£2.8) to $11.1 (£7.7) trillion in 2025, which will amount to approximately 11% of the world economy.
The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.