Of all that the Internet of Things (IoT) promises, manufacturers seem most focused on supply chain efficiency, and with good reason. Under constant pressure to reduce costs and get to market faster, but having limited ways to do so, IoT’s promise of faster, cheaper, and better is alluring.
Getting less attention in IoT discussions is the potential for revenue growth through innovation. Practically speaking, it’s easier to improve an existing operation than to improve things that haven’t yet been imagined.
That vision will get clearer as manufacturers get their IoT sea legs. But how much time is there? Digital native consumers have shown little patience in product also-rans unless they come with a big advantage.