The Internet of Things (IoT) is the evolution of machine-to-machine (M2M) technology that facilitates the interconnection of sensors, machines, IT systems, and management platforms to enable the “smart world” around us. The leading technology behind this latest industrial revolution—Industry 4.0—IoT, is signalizing major changes and disruptions in both the internet and manufacturing industries. Wireless networks, sensor technology, and cloud-based and real-time computing make it possible to collate and analyze data across machines to make processes faster and more efficient. However, installing a system to monitor machines is only a first step. To capitalize on IoT, manufacturers need to make systemic changes across the organization.
The amount of data generated in manufacturing is growing twice as quickly as in any other industry. However, many enterprises are analyzing only a small fraction of their data to get meaning out of it. In order to gain meaningful information out of existing data and gain a competitive advantage, enterprises need to tap into the power of IoT with a software platform with the following characteristics: - Interacts with machines - Delivers an intuitive user experience - Collects and analyzes heterogeneous data - Features advanced predictive analytics for better decision-making - Prioritizes data security
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