The good news is that technologies enabling The Connected Enterprise are evolving rapidly, with daily releases of new Industrial Internet of Things (IIoT) solutions — smart devices, intelligent controllers, industrial systems, and applications.
The bad news is that this can seemingly make capital-investment decisions more challenging than ever.
Even though legacy systems and aging equipment can be costly to operate, prone to breakdowns, and susceptible to cybersecurity intrusions, many executives resist replacements or upgrades.
For example, most manufacturers are not technologically ready to leverage the IIoT:
Yet as competitors in every industry embrace IIoT technologies — boosting productivity, responding rapidly to customer requests, improving EHS performance, extending equipment life, etc. — sitting on the sidelines creates a performance gap that only increases over time.
To stay in the game, you’ll need to develop a strategic investment plan for building your own Connected Enterprise:
Most companies find that ROI from initial upgrades quickly fund more initiatives, and eventually deliver a seamless convergence of operations and information, increasing efficiency and productivity across the enterprise.
It’s critical to invest now, since many other manufacturers are already enjoying IIoT success.
Some 72% of manufacturers report that application of IIoT technologies to operations increased productivity in the past year, and 69% report that it increased profitability.
Those with capable IIoT infrastructures enjoyed the largest productivity and profit increases.
Are you ready for your IIoT kickoff?