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Innovation: The New Competitive Equation
In today’s innovation economy, institutions of all types and sizes are challenged to rethink and redesign the future. To do so, they must embrace innovation-driven business cultures, processes and platforms, break down barriers to change, and empower innovation leaders and thinkers across and beyond corporate boundaries.
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Thought Leadership
Initiative Background
The Impact of Connectedness on Competitiveness
Creating Business Value From Operational Insight Driven by the Industrial IoT
The Impact of Connectedness on Competitiveness is a groundbreaking research initiative that seeks to understand the business value created by the Industrial Internet of Things. By engaging with manufacturers, plant operators, infrastructure managers, transportation providers and others, the initiative seeks to understand where these businesses are in adoption and planning for IIoT. It seeks to identify best practices and successes in building and using IIoT applications and benchmark the degree to which smart operational management is enabling new business models, reducing risk and maximizing uptime, safety, comfort, and output, as well as furthering efficiencies and cost reductions.
In a recent BPI Network Study, respondents felt that the Internet of Things, along with Big Data Analytics and Collaborative Design and Development Tools, would be the largest drivers of innovation within the enterprise over the next two years.
The goal of the initiative is to substantiate the premise that enterprise connectedness with and among strategic audiences can impact a company’s ability to compete more effectively and produce greater business value. Through qualitative and quantitative research led by the Business Performance Innovation (BPI) Network, Chief Marketing Officer (CMO) Council and Penton IoT Institute, this initiative seeks to gain insights into where and how connected systems, embedded sensors and real-time data streams are contributing to greater situational awareness, predictive troubleshooting, operational alignment, business continuity, supply chain performance, and industrial productivity. We will also determine how connectedness is impacting the incidence, timeliness and relevance of interactions among key stakeholders – customers, employees, channel, developers, suppliers, investors, opinion leaders, regulators, and others.
This initiative is led by the BPI Network and CMO Council in partnership with Penton, an innovative information services company that empowers nearly 20 million business decision makers in markets that drive more than 12 trillion dollars in purchases each year. Collectively, the CMO Council and BPI Network reach over 200,000 decision makers and have affiliates and content syndication partners that reach some 75 million business buyers through 15,000 trade publishing sites, association channels, online communities and blogs.
For sponsorship opportunities, please contact Sally Quigley at squigley@bpinetwork.org.
The goal of the initiative is to substantiate the premise that enterprise connectedness with and among strategic audiences can impact a company’s ability to compete more effectively and produce greater business value. Through qualitative and quantitative research led by the Business Performance Innovation (BPI) Network, Chief Marketing Officer (CMO) Council and Penton IoT Institute, this initiative seeks to gain insights into where and how connected systems, embedded sensors and real-time data streams are contributing to greater situational awareness, predictive troubleshooting, operational alignment, business continuity, supply chain performance, and industrial productivity. We will also determine how connectedness is impacting the incidence, timeliness and relevance of interactions among key stakeholders – customers, employees, channel, developers, suppliers, investors, opinion leaders, regulators, and others.
This initiative is led by the BPI Network and CMO Council in partnership with Penton, an innovative information services company that empowers nearly 20 million business decision makers in markets that drive more than 12 trillion dollars in purchases each year. Collectively, the CMO Council and BPI Network reach over 200,000 decision makers and have affiliates and content syndication partners that reach some 75 million business buyers through 15,000 trade publishing sites, association channels, online communities and blogs.
For sponsorship opportunities, please contact Sally Quigley at squigley@bpinetwork.org.
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Partners
CMO Council
The Chief Marketing Officer (CMO) Council is the only global network of executives specifically dedicated to high-level knowledge exchange, thought leadership and personal relationship building among senior corporate marketing leaders and brand decision-makers across a wide range of global industries. The CMO Council’s 7,000-plus members control approximately $400 billion in aggregated annual marketing expenditures and run complex, distributed marketing and sales operations worldwide. In total, the CMO Council and its strategic interest communities include more than 35,000 global executives in more than 110 countries covering multiple industries, segments and markets. Regional chapters and advisory boards are active in the Americas, Europe, Asia-Pacific, Middle East, India and Africa. The council’s strategic interest groups include the Coalition to Leverage and Optimize Sales Effectiveness (CLOSE), Mobile Relationship Marketing (MRM) Strategies, LoyaltyLeaders.org, CMOCIOAlign.org, Marketing Supply Chain Institute, Customer Experience Board, Digital Marketing Performance Institute, GeoBranding Center and the Forum to Advance the Mobile Experience (FAME). More information on the CMO Council is available at www.cmocouncil.org.
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The Chief Marketing Officer (CMO) Council is the only global network of executives specifically dedicated to high-level knowledge exchange, thought leadership and personal relationship building among senior corporate marketing leaders and brand decision-makers across a wide range of global industries. The CMO Council’s 7,000-plus members control approximately $400 billion in aggregated annual marketing expenditures and run complex, distributed marketing and sales operations worldwide. In total, the CMO Council and its strategic interest communities include more than 35,000 global executives in more than 110 countries covering multiple industries, segments and markets. Regional chapters and advisory boards are active in the Americas, Europe, Asia-Pacific, Middle East, India and Africa. The council’s strategic interest groups include the Coalition to Leverage and Optimize Sales Effectiveness (CLOSE), Mobile Relationship Marketing (MRM) Strategies, LoyaltyLeaders.org, CMOCIOAlign.org, Marketing Supply Chain Institute, Customer Experience Board, Digital Marketing Performance Institute, GeoBranding Center and the Forum to Advance the Mobile Experience (FAME). More information on the CMO Council is available at www.cmocouncil.org.
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Penton
Penton is an information services company that drives performance for nearly 20 million professionals each and every day. They rely on us to deliver insights and opportunities that inform critical business decisions, help them to engage with their community, advance the way they work, and leverage their potential.
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Penton is an information services company that drives performance for nearly 20 million professionals each and every day. They rely on us to deliver insights and opportunities that inform critical business decisions, help them to engage with their community, advance the way they work, and leverage their potential.
Visit website »
Studies
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Events
IoT Emerge
Nov 02 – 04, 2016 | McCormick Place, Chicago
Produced by the IoT Institute, join us at IoT Emerge in Chicago for keynotes, sessions, workshops, live demonstrations, hands-on training, peer-to-peer networking and more focused on Industrial IoT, Smart Cities and IoT Engineering. IoT Emerge provides insight into how IoT innovators are reorienting their thinking and successfully addressing organizational readiness, leveraging data analytics, instituting security best practices, architecting dynamic infrastructure, and developing sensor-based networks. Register using code BPI35IOTE to receive 35% off any IoT Emerge Conference pass.
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IoT Evolution Expo
Feb 07 – 10, 2017 | Fort Lauderdale, Florida
IoT Evolution Expo includes the Enterprise IoT track as well as five other collocated conferences. The Enterprise IoT track covers key horizontal topics associated with developing and implementing IoT solutions in the enterprise. From IoT pricing models to network designs, gateways and standards, this track provides you with the information you need to integrate solutions in your company. Also covered are key business intelligence sessions that show you how to use the IoT to build advanced analytics into your decision making.
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Industry of Things World USA
Feb 20 – 21, 2017 | San Diego, California
Industry of Things World USA is an international knowledge exchange platform bringing together more than 500 high-level executives who play an active role in the Industrial Internet of Things scene. Rethink your technology and business strategy for scalable, secure, and efficient IoT: cloud, robotics, automation, standards, interoperability, security, and data!
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IoT Global Congress 2017
Apr 27 – 28, 2017 | London, England
IoT Global Congress 2017 is the world’s leading Internet of Things Conference 2017 focusing on IoT applications, IoT Solutions and IoT Companies for all verticals including automotive, healthcare, asset and fleet management, manufacturing, security, retail point of sales, smart grid, smart metering, smart home and consumer electronics industry. Latest IoT companies participating at IoT Global Congress 2017 include IBM, GE, ARM, Orange, Sprint, TELE2, and may more!
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Media Coverage
April 21, 2023 – Penton’s IoT Institute to focus on the B2B IoT world
Techseen Bureau , Techseen
Penton, the global information service provider company, has launched an IoT institute, a new business unit that will focus at the practicalities of the expanding B2B IoT world. The institute franchise will encompass information services, learning, research, and live events. Being an online community it will provide actionable case studies, insights, research, and e-learning on the industrial and cultural phenomenon that’s changing the shape of business and cities today. The IoT Institute’s mission is to enable cross-industry and cross-job function learning to drive business performance. Read more »
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Facts & Stats
General Electric predicts investment in the Industrial Internet of Things (IIoT) is expected to top $60 trillion during the next 15 years. (Source)
Bain predicts that by 2020 annual revenues could exceed $470B for the IoT vendors selling the hardware, software and comprehensive solutions. (Source)
McKinsey estimates the total IoT market size in 2015 was up to $900M, growing to $3.7B in 2020 attaining a 32.6% CAGR. (Source)
The global Intelligent Transportation Systems (ITS) market is poised to grow at CAGR of over 10% during 2015-2020. (Source)
With the rising usage of IoT, this is reportedly expected to increase by as much as eight times to over 260 Exabytes (260 billion Gigabytes) in 2018, generating the highest cloud data traffic growth in the world. (Source)
90% of respondents to a recent World Economic Forum survey admitted they don’t fully understand the business models and long-term implications of the IIoT. (Source)
The number of cellular machine-to-machine (M2M) connections in industrial automation applications is predicted to grow at a CAR of 23.2%—from 2.5 million connections at the end of 2013 to 7.1 million connections by 2018. (Source)
The Industrial Controls and Factory Automation market is projected to reach $301.9 billion by 2020. (Source)
Research indicates that the use of IoT and M2M technology in industrial automation systems will increase by 25 percent over the next three years. (Source)
The top challenges in manufacturing span people, processes, and technology. (Source)
Still in the early adopter phase, 34% of companies are currently investing or planning on investing in IIoT technologies over the next year. (Source)
47% of manufacturing companies do not expect to invest in IoT technologies in the foreseeable future. (Source)
19% of manufacturing companies do not expect to invest in IoT technologies in the next 12 months (Source)
15% of manufacturing companies expect to start investing in IoT technologies in the next 12 months but are still establishing a budget. (Source)
9% of manufacturing companies have made significant investments in the IoT and expect it to increase in the future. (Source)
7% of manufacturing companies have established a budget for IoT technology investment in the next 12 months. (Source)
47% of the industrial market does not plan on investing in IoT in the foreseeable future and 44% of that market does not understand or know about the IoT. (Source)
21% of manufacturing companies have interest in IoT but are still investigating the impact. (Source)
16% of manufacturing companies understand/are aware of IoT but see no impact at this time. (Source)
Only 4% of manufacturing companies have customer demands are causing them to start to invest in IoT technologies (Source)
9% of manufacturing companies are rapidly pursuing IoT opportunities either for operations, for customers, or both. (Source)
6% of manufacturing companies see value to our operations and have started to invest in IoT technologies. (Source)
By 2030, the Industrial Internet of Things could be worth (US dollars) $7.1 trillion to the United States, $1.8 trillion to China, $700 billion to Germany, and $531 billion to the United Kingdom. (Source)
With IIoT-enhancing measures in place, China could see its cumulative GDP rise by US$1.8 trillion by 2030, raising its GDP in 2030 by 1.3 percent over trend projections. (Source)
In a Accenture surveyed with more than 1,400 C-suite decision makers 84% believe their organizations have the capability to create new, service-based income streams from the IIoT. 73% confess that their companies have yet to make any concrete progress and 7% have developed a comprehensive strategy with investments to match. (Source)
In a Accenture survey of over 1,400 C-suite decision makers, 96% of CEOs and executives expressed that the senior leadership in their organizations grasp at least something of the nature of the IIoT. But 38% say their leaders have completely understood it. (Source)
73 percent of businesses have yet to make concrete progress with IIoT. Only 7 percent have developed a comprehensive strategy. (Source)
87 percent of business leaders believe that the IIoT will result in the net creation of jobs (Source)
According to a survey by Accenture and GE, 73 percent of companies are already investing more than 20 percent of their overall technology budget on big data analytics. (Source)
Interoperability and security are identified as the greatest hurdles to progress by 2/3 of those companies actively pursuing IIoT initiatives, according to a survey by Accenture, the World Economic Forum and the Industrial Internet Consortium. (Source)
94% of executives believe that the increasing use of smart products and robotics will change the required skill and job mix in the workforce of the future. (Source)
IoE could enable manufacturers to generate $3.88 trillion of value through a combination of increased revenues and lower costs over the next 10 years (Source)
General Electric has predicted that the Industrial Internet could increase global GDP by $10 trillion to $15 trillion over the next 20 years (Source)
Gartner anticipates the market for Industrial Internent of Thing to be $309 billion with additional revenue for suppliers of connected devices and associated services by 2020. (Source)
For the IIoT market, Gartner has forecast $1.9 trillion in cost savings, improved productivity, and other factors associated with connected devices and services. (Source)
70% of manufacturing executives are focusing on plant-floor data initiatives to drive operational and business excellence, faster time to market, and immediate access to data from machines on the factory floor. (Source)
By 2025, the industrial automation sector will account for nearly three-fourths of all connected devices. (Source)
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Articles
December 6, 2022 – DHS Aims to use IoT, Analytics to Boost Smart City Resiliency
ZDNet
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December 2, 2022 – Sensor Industry to Grow to $162 Billion Thanks to IoT, Smart Cities and eHealth
TechRepublic
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November 28, 2022 – How Industrial IoT is Making Steel Production Smarter
CIO
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November 27, 2022 – Roundup Of Internet Of Things Forecasts And Market Estimates, 2016
Forbes
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September 23, 2022 – Global Cellular IoT Connections to Reach 1.2 Billion in 2021
RCR Wireless News
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August 8, 2023 – Global Intelligent Transportation Systems (ATMS, ATPS, ATIS) Market, 2020 – Increasing Implementation of Data Analytics – Research and Markets
PR Newswire
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August 3, 2023 – New Report: Intelligent Transportation System Market Research Report by Roadway, Application, and Geography Analysis to 2022
WhaTech
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August 1, 2023 – Smart Cities: 6 Essential Technologies
TechRepublic
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July 29, 2023 – Smart Cities: How India Can Show The Way
Business World
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July 29, 2023 – For IoT Developers, Upgrading to 4G Isn’t Just About Speed
Penton IoT
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July 27, 2023 – Canada’s New Thinking Must Focus on Technology, Talent and Trade
The Globe and Mail
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July 26, 2023 – Are You Ready for the Fourth Industrial Revolution?
CIO Insight
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July 13, 2023 – AT&T; Launches Plug-and-Play IoT Starter Kit with Cisco Jasper
Penton IoT
Read more »
July 13, 2023 – IoT Transforming Alcohol, Cars and Moth Romance
Penton IoT
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July 12, 2023 – The IoT Is About to Shift into Ludicrous Mode
Penton IoT
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July 11, 2023 – IoT for Business Growth: How Innovative Companies Use IoT to Improve Customer Experiences
Jasper IoT
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July 7, 2023 – Are You an IoT Guru? If So, We Want to Hear from You
Penton IoT
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June 28, 2023 – Tesla and Toyota Among The Smartest and The Most Connected Companies
Tech Crunch
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June 2, 2023 – IoT Platforms Spawn New Revenue Streams
IoT Agenda
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June 2, 2023 – Sephora, Neiman Marcus Turn to In-Store Technology to Enhance the Retail Experience
BizTech Magazine
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May 22, 2023 – Will Utilities Drive IoT Security Market Growth?
Readwrite
Read more »
May 19, 2023 – Beacons Entering Industrial Service
EE Times
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May 5, 2023 – The Future of the Industrial Internet of Things
Wall Street Daily
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May 3, 2023 – The Internet of (Every)Things: Forcing CIOs to Think Differently
CIO
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April 25, 2023 – The Necessary Evil: Enterprise IoT Needs a New Middleware
CIO
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April 19, 2023 – Industrial IoT Needs Data Security
EE Times
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September 5, 2023 – The World’s Top 50 Leadership and Management Thinkers
Forbes
Read more »
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Leaders
Ronny Fehling
Vice President & Head of Data Driven Technologies and Advanced Analytics CoC
Airbus Group
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Vice President & Head of Data Driven Technologies and Advanced Analytics CoC
Airbus Group
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White Papers
The Industrial Internet of Things: An Evolution to a Smart Manufacturing Enterprise
The Industrial Internet of Things (IIoT) is not about ripping out current automation systems in order to replace them with new ones. The potential lies in the ability to link automation systems with enterprise planning, scheduling and product lifecycle systems. This paper analyses how the linkage can be implemented across the complete enterprise value chain in order to enable greater business control. Experts also offer perspectives regarding key aspects of IIoT deployment. Read more »
A Manufacturing Network Fabric Maturity Model
The Internet of Things (IoT) is expected to connect an astonishing 50 billion devices by 2020. In the manufacturing world, this increase of devices is providing deeper insights into operations and new opportunities to improve quality, productivity, efficiency, and security. The demand to collect and analyze production information in real time is driving the need for manufacturers to converge their historically disparate industrial and enterprise networks into a single network architecture. This white paper discusses the importance of the network fabric in today’s information-enabled manufacturing environments, outlines the steps that proactive manufacturers can take to capture its full value for years to come and describes a four-stage methodology for improving an existing network to a higher maturity level. Read more »
Internet of Things (IoT) Enables $3.88 Trillion in Potential Value to Manufacturers
ARC Advisory Group believes that the emerging Internet of Things (IoT) will offer value across multiple industrial sectors and applications. Cisco predicts that the IoE could enable manufacturers to generate $3.88 trillion of value through a combination of increased revenues and lower costs over the next ten years. Key findings from this briefing involve: Accelerating time to IoT value by connecting IP-enabled devices, Reduced costs associated with converged IP networking, and Reduced risks associated with the right technology platform. Read more »
Smart Connected Operations: Capturing the Business Value of the Industrial IoT
Smart Connected Operations is a future looking vision that describes what the factory or production line of the future will look like. It will involve Industrial Internet of Things (IIoT) enabled MOM applications integrated with IIoT enabled assets and IIoT enabled business systems. It is an elemental part of creating the Smart Connected Enterprise and is often where companies have breaks in the strands of the digital thread. In moving towards this vision, both solution providers and manufacturing organizations are going to have to up the game when it comes to investing in IIoT. These investments will include the creation of new organizations that bring together IT, OT, and business leaders, new technologies that enable connectivity, cloud, big data analytics, and the development of new applications, along with the foresight to see that small pilot projects today could transform entire industries tomorrow. Read more »
Industrial Internet of Things: Unleashing the Potential of Connected Products and Services
Dubbed the Industrial Internet (of Things), this latest wave of technological change will bring unprecedented opportunities, along with new risks, to business and society. It will combine the global reach of the Internet with a new ability to directly control the physical world, including the machines, factories and infrastructure that define the modern landscape. However, like the Internet was in the late 1990s, the Industrial Internet is currently in its early stages. Many important questions remain, including how it will impact existing industries, value chains, business models and workforces, and what actions business and government leaders need to take now to ensure long-term success. To address these and other questions facing business and government leaders, the World Economic Forum’s IT Governors launched the Industrial Internet initiative at the Annual Meeting 2014 in Davos, Switzerland. Read more »
Java and the Internet of Things: Automating the Industrial Economy
Industrial automation results is an intelligent manufacturing infrastructure for increased safety and efficiency, and lowered costs. However, it comes with its own set of challenges. These include the need to connect multiple proprietary control systems, maintain end-toend system uptime, reduce energy consumption and total costs, adhere to regulatory requirements, and increase safety and security at every phase. At its core, industrial automation aims to bring together the advances of two transformative revolutions: the machines, facilities, fleets and networks that arose from the Industrial Revolution, and the powerful advances in computing, information and communication systems established via the Internet Revolution. The intersection of these two diverse and disparate sets of technologies often results in a mixture of individual solutions. Read more »
Winning with the Industrial Internet of Things
The potential economic benefits of the IIoT may be massive, but they are by no means guaranteed. Realizing returns begs two key questions: Are companies prepared to take full advantage of this opportunity? Are governments putting the right conditions in place to facilitate progress and capture benefits? Although a few pioneers are reaping rewards from their early investments, widespread adoption is hampered by major challenges. Accenture analysis reveals that many CEOs may be overconfident about their readiness for the IIoT. It also shows that many countries lack the full spectrum of enabling conditions required to spur the application of these new technologies across their economies. Read more »
Releasing the Value Within the Industrial Internet of Things
The market associated with this Industrial Internet of Things (IIoT) is poised for tremendous growth. General Electric has predicted that the Industrial Internet could increase global GDP by $10 trillion to $15 trillion over the next 20 years. Deriving useful analytics from the Industrial Internet of Things can be simplified into three basic steps: (1) collect data from machines, (2) send data to a central storage location, and (3) analyze information and achieve real-time insights. However, technical hurdles often arise related to low-bandwidth network connections, the need for real-time data replication to support timely analytics, and flexible data collection tools. Leveraging Attunity tools and using an ELT (Extract, Load, Transform) model for data aggregation can help. This approach enables real-time data replication which translates into access to faster, better business insights and more sustainable sources of competitive advantage. Read more »
Internet of Things Research Study
Suddenly, everything from refrigerators to sprinkler systems are wired and interconnected, and while these devices have made life easier, they’ve also created new attack vectors for hackers. These devices are now collectively called the internet of things (IoT). IoT devices are poised to become more pervasive in our lives than mobile phones and will have access to the most sensitive personal data such as social security numbers and banking information. As the number of connected IoT devices constantly increase, security concerns are also exponentially multiplied. A couple of security concerns on a single device such as a mobile phone can quickly turn to 50 or 60 concerns when considering multiple IoT devices in an interconnected home or business. In light of the importance of what IoT devices have access to, it’s important to understand their security risk. Read more »
The Algorithm of You: How IoT Transforms and Differentiates Customer Experience
The Internet of Things (IoT) promises to revolutionize the way business is run and to create differentiated customer experiences. IoT allows for the processing of massive numbers of device events and for commingling those events with business and customer events. This combination generates the next-best, in-context business actions, and thus, smart, differentiated IoT-driven customer experiences. Companies use “the algorithm of you” to collect and process a myriad of data on each customer and potential customer via the IoT. This allows companies to know customers and prospects better and to deliver offers, products and services that are relevant and in context to clients’ real-time needs and desires via channels and devices customers prefer. Read more »
Global Manufacturing Competitiveness Index
The 2016 Global Manufacturing Competitiveness Index (GMCI) report is the third study prepared by the Deloitte Touche Tohmatsu Limited (DTTL) Global Consumer & Industrial Products Industry Group and the Council on Competitiveness, with prior studies published in 2010 and 2013. This multi-year research platform is designed to help global industry executives and policy makers evaluate drivers that are key to company and country level competitiveness as well as identify which nations are expected to offer the most competitive manufacturing environments through the end of this decade. The 2016 study includes more than 500 survey responses from senior manufacturing executives around the world. For more information concerning the specifics of this study and its participants, please consult the appendix. Read more »
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Books
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Precision: Principles, Practices and Solutions for the Internet of Things
Dr. Timothy Chou has created Precision to introduce us to the basics of the Internet of Things (IoT) for the enterprise. The first part Precision: Principles and Practices introduces a vendorneutral, acronymfree framework. Dr. Chou then discusses the framework’s fundamental principles and these principles put into practice. The second part Precision: Solutions puts Dr. Chou’s IoT framework into practice highlighting 12 real world solutions for manufacturers who are building precision machines and companies utilizing these machines to receive precision enhanced business outcomes.
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Building the Internet of Things: Implement New Business Models, Disrupt Competitors, Transform Your
Building Internet of Things provides front-line business decision makers with a practical handbook for capitalizing on this latest transformation. Focusing on the business implications of Internet of Things (IoT), this book describes the sheer impact, spread, and opportunities arising every day, and how business leaders can implement IoT today to realize tangible business advantages. The discussion delves into IoT from a business, strategy and organizational standpoint, and includes use-cases that illustrate the ripple effect that this latest disruption brings; you’ll learn how to fashion a viable IoT plan that works with your organization’s strategy and direction, and how to implement that strategy successfully by integrating IoT into your organization tomorrow.
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