Through a myriad of connections, the Internet of Everything has caused a digital disruption, forcing entire industries to evolve their business models in order to remain competitive and deliver optimized services. Both retail and higher education are prime examples. But, it’s the Internet of Things, comprised of millions of Internet-connected devices (estimated to be 50 billion by 2020), that’s having the largest impact on the manufacturing industry.
In a previous blog, we outlined how digital disruption is already happening across manufacturing and its sister industries like oil and gas. And while many of the operational changes and benefits happening are encouraging for the industry’s future, it’s also worth noting that as many as 40 percent of industry leaders will not adapt quickly enough, risking their survival in the industry. With so much at stake – Cisco estimates the Internet of Things will generate $8 trillion in Value at Stake through 2022 – it was the perfect time to host a #CiscoChat around “IoT-ready” machinery and connected factories.
Joined by members of the @CiscoMFG team and Brian Papke, the president of Mazak Corporation, we engaged in discussions on harnessing the power of connected machines, the opportunities being created and much more. Take a look at a few highlights below.
We know that manufactures are embracing digitization, but first, we wanted to gauge opinions of why they were doing so.
As a leader within the machine tool manufacturing segment, the team at Mazak Corporation quickly shared their thoughts.
The opportunities to drive business outcomes and enable more rapid and efficient manufacturing strategy were touted as well.
And a handy chart from one participant brought a lot of information around digital manufacturing to life.
Digitizing a network of traditionally unconnected machinery can seem complex. For the companies who choose to rise to the occasion, our #CiscoChat community shared great examples of how this could be achieved.
Not surprisingly, collecting and utilizing data from connected machines was mentioned in several responses.
Immense value awaits for manufacturing leaders who successfully innovate, connect their machines and optimize the data their networks of sensors and machines collect.
Outside of the $8 trillion Value at Stake mentioned earlier, we wanted to see what our #CiscoChat participants thought were some of the top benefits they felt manufactures gained when digitizing their operations and connecting their machines.
From agility to cost reductions and all benefit points in between, people chimed in.
A digital manufacturing revolution is happening within the manufacturing industry and the insights, thoughts, and spirited conversation from this #CiscoChat were just the tip of the iceberg of the conversation.
If you missed this #CiscoChat, take a look at our Storify to see how partnerships between tech brands are assisting manufacturers with digitization, as well as, understand how Machine as a Service is changing manufacturing. We will have more talks in the future, so be sure to follow the @CiscoMFG team and keep up with the conversation using #CiscoChat.