Internet of Things boosts production, profits says study
Thanks to application of the Internet of Things (IoT), 72% of manufacturers saw increases in productivity and 69% saw improved profitability in the past year. According to The MPI Internet of Things Study, sponsored by BDO (bdo.com), half of plant production and equipment processes are already being managed via the IoT, and that number is set to climb. Findings exclusive to BDO reveal, however, that many manufacturers are leaving cybersecurity, and research and development (R&D) financing out of their IoT strategies – if they’ve built a strategy at all.
“No manufacturer, regardless of size or ingenuity, is immune to technology disruption. The question companies need to ask themselves isn’t whether they can afford to invest in the future of manufacturing; it’s whether they can afford not to,” says Rick Schreiber, partner and national leader of BDO’s Manufacturing & Distribution practice.