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The 5 elements to capturing value from IoT

Getting an Internet of Things Initiative in manufacturing up and running is difficult for several reasons. The ability to target IoT value creation using these five steps can help smooth the path.

McKinsey & Company's Bob Sternfels
McKinsey & Company's Bob Sternfels

If it seems like most industrial technology conferences, articles, webcasts and hallway discussions are about the Internet of Things (IoT), there’s a reason for that. Whether it’s referred to as Smart Manufacturing, Industry 4.0 or IoT, it’s all about the convergence around a similar concept or end state, which is, essentially, “the next industrial revolution,” said Bob Sternfels of McKinsey & Company at Rockwell Automation’s Automation Perspectives 2016 event in Atlanta held in conjunction with the company’s annual Automation Fair.

Sternfels pointed out that industry’s collective advance toward IoT is not an evolution, but a transformation of industry based on “unprecedented levels of data, connectivity across supply chains, pervasive sensing, the use of data analytics to drive ever greater levels of efficiency and the maturation of new cyberphysical technologies such as artificial intelligence, 3D printing and robotics."

Driving this advance is the massive amount of data at our fingertips, much of which goes unused. “We now create as much data every two days as we did between the years 1100-2003,” noted Sternfels, “but less than 1 percent of stored manufacturing data is being leveraged today.”

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