Transforming the manufacturing industry with Internet-of-Things

By Mike Russell COO Central Innovation In a highly competitive global marketplace, businesses are searching for and adopting revolutionary technology and processes to stay relevant. According to the latest IDC Worldwide semiannual Internet of Things Spending Guide[1], New Zealand shares the second highest position with Australia in APAC region when it comes to the IoT spenders per capita. The report further highlights that the top three industries spending most on IoT solutions in 2018 were discrete manufacturing ($43.9 billion), process manufacturing ($33.2 billion) and utilities ($20.1 billion). With the advent of automation and analytics, manufacturing is moving from mass production to mass customisation. The immense growth of IoT in the industry has resulted in factories being able to extract critical data on operations. By using big data and machine learning they are achieving more efficiency in their workplace as well as enhancing customer experience. Without a doubt, IoT is a clear investment area for the manufacturing industry particularly in the Asia Pacific Region which is among the world’s top regions for IoT adoption and usage[2]. To effectively work with new technologies, businesses must be prepared to think differently, adapt and invest to remain competitive. According to the MBIE report[3], Industry 4.0 is seen both as a threat and an opportunity for            New Zealand manufacturers. The ministry believes that Industry 4.0 technologies have the potential to make a type of short run, customised production that will enable more specialisation to become efficient and profitable. This would be especially important for the manufacturing industry where it currently accounts for 12 per cent of New Zealand’s GDP value. This means there is untapped potential for New Zealand businesses to stand out from their competitors in the race to transform their businesses. Business productivity The bottom-line when adopting new technology is that it will […]