How much value to business will data-driven manufacturing deliver in the near term? One research firm predicts that by 2020, the Industrial Internet of Things (IIoT) will impact nearly 6 percent of the global economy, with $1.9 trillion in productivity improvement and $177 billion in cost savings.
However, the capability of today’s advanced manufacturing equipment and the complexity of emerging processes bring challenges to successfully using data to cut costs and boost output. The current approach has some missing links. Capturing all relevant data is a problem. Adding contextual meaning to the data is an issue. Integrating shopfloor data with company business systems needs attention, too.