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Most of the technology used in IoT solutions has been around for some time. A recent trend driving its growth is commercial: the reduced cost of sensors and the affordability of cloud computing. Yet companies must still assess the business value that can be achieved before deciding to go ahead with a project. Technology providers need to understand this before investing in solution development. Manufacturing companies are benefiting from IoT in a number of ways, and technology vendors are providing solutions that are having an effect on the market.
The Business Case for IoT
As for any investment in business systems or technology, there are two main reasons to invest in IoT. One is efficiency, which means doing more for less. Another is the reduction in the total cost of design, production, supply, distribution, marketing, or general administration. Quality can also improve, and regulatory compliance becomes more efficient.
As an example, the German air-systems company, Kaeser, has worked with its ERP supplier, SAP, to improve efficiency in operations and provide predictive maintenance.
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