Reston, Va. – Software AG (Frankfurt, MDAX: SOW) announced an original survey of over 125 North American manufacturers in the heavy industry and automotive sectors that revealed they are unable to scale their Industrial Internet of Things (IIoT) investments across their enterprises, and therefore are losing millions of dollars in potential profits while falling behind competitors that have invested in enabling technologies that support IIoT across the enterprise.
The survey also revealed that the vast majority of manufacturers queried report that their IIoT investments are limited – locked in one small department or sector of their company – preventing these organizations from sharing the power of IIoT across their enterprises. This has caused these manufacturers to lose millions of dollars in potential profits as they fall behind more forward-thinking competitors that have invested in predictive analytics and innovative integration strategies that scale IIoT across the enterprise.
Other key findings include:
“Manufacturers place a high value on IIoT, but they are encountering serious difficulties in unlocking the complete intended value and unleash their innovation across their organizations,” said Sean T. Riley, Global Industry Director, Manufacturing and Transportation, Software AG. “Fortunately, there is a way for them to quickly and easily resolve this problem. “Fortunately, there is a way for them to quickly and easily resolve this problem. By investing in the right IT-OT integration strategy that leverages sensors, predictive analytics, machine learning, control applications and product quality control, manufacturers can fix this problem in less than 6-12 months while realizing other key benefits, namely extended equipment lifetime, reduced equipment maintenance costs and accessing more accurate data for production-quality improvements.”
Riley outlined five best practices for manufacturers to follow when looking to scale their IIoT investments across their enterprises and realize immediate profits and competitive advantage. Those best practices are:
The Software AG IIoT Implementation survey was completed in Q2 2019 by Software AG and an independent third-party research house. The survey queried nearly 200 respondents at large manufacturing companies across automotive, heavy industry, high-technology, electronics, pharmaceutical and medical device industries. The respondents were primarily senior executives leading Manufacturing or Information Technology with the breakdown of 50% Managers, 38% Directors and 13% Vice Presidents or higher.