9 ways to redefine manufacturing in the Internet of Things

1, based on results rather than products as a basis for payment

In the entire economy, people are increasingly focusing on efficiency. The US health care system has gradually become more focused on results. In law, some authoritative experts have asserted that billing hours are dying. In manufacturing, some companies are experimenting with results-based models. For example, Siemens has developed a results-oriented train monitoring technology. The Spanish National Railways and Siemens have signed a performance-based contract for the technology. Siemens boasted that trains were punctual at 99.9% of the time. If it is more than 15 minutes late, passengers will be compensated.

2, the role of the manufacturer will expand, cross-border will become the norm

John Deere can transform from a tractor manufacturer to an agricultural partner through the Industrial Internet of Things. Examples of such transformations include crop guarantees and farm-state sensing technologies.

3, the supply chain will be more timely and efficient

Spanish retailer Zara is using radio frequency identification (RFID) to track inventory and intends to complete a complete transition to a wireless-based inventory. Such a supply chain enables goods to be manufactured and sold in a timely manner, avoiding waste.

4, the product life cycle can be accurately mastered

The Internet of Things can also increase efficiency by increasing production equipment uptime, controlling time to market, and better understanding consumer behavior.

5. Use-based insurance

IoT technology enables the sharing of financial institutions to save money, and it allows these financial institutions to provide floating rate loans or capital use incentives.

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