The Internet of Things (IoT) is changing how manufacturers design and develop products. From industrial and medical equipment to consumer goods, the products we use today are becoming increasingly connected and smart. While the IoT brings new revenue opportunities for manufacturers, there are also new product development challenges that can eat into profitability.
Product development experts Peter Bilello, President of CIMdata, and David Hofer, Electrical Technical Specialist at Fisher Unitech recently spoke about how to address such challenges at an Automation Alley Industry 4.0 Tech Takeover event in Troy, Michigan on July 19th. In this blog, we provide an excerpt from CIMdata’s commentary summarizing the event and topics discussed.
Designing Smart Products for the Internet of Things, CIMdata Highlight Excerpt
Earlier this month, Automation Alley, Michigan’s leading nonprofit technology and manufacturing business association, hosted a group of southeast Michigan industry representatives to a “Tech Takeover” focused on “Designing Smart Products for the Internet of Things.” This event, which was sponsored by Fisher Unitech, set the stage for why and how products need to be designed for the rapidly evolving IoT world, where things are smart and connected. Automation Alley was the perfect setting for the event. Their focused efforts on innovation and technology, entrepreneurship, and talent development, among other things, have been defined to provide actionable intelligence that helps members grow and prosper in the digital age. Those in attendance, including Fisher Unitech, are some of those companies with which Automation Alley is collaborating.
This Tech Takeover, which is one in a series of technology oriented 2-hour events held on a regular basis, was kicked off by Peter Bilello, CIMdata’s President. During his presentation, he stressed how digitalization is transforming products from physical goods and tangible services, and in many cases data is becoming the “product.” Often, as he stated, the rate at which products and services are being bought and installed for the data they generate or collect is increasing, especially as companies and customers alike, are realizing that smart, connected products can enhance product-related experience in existing markets, and create new opportunities across a wide spectrum of industries.
He further explained how manufacturing companies of all shapes and sizes need to be able to design and deliver smart, connected IoT-enabled products to be successful. Finally, he stressed that many product companies need support to navigate the evolving IoT standards landscape and security issues while optimizing their products and value chains to thrive in this new world, and this where companies like Fisher Unitech excel.
About the Author
Christa Prokos is a marketing manager at Fisher Unitech. She researches and writes about the latest business trends and technologies impacting manufacturers, including 3D printing, SOLIDWORKS 3D CAD design and product data management tools, product lifecycle management, virtual reality, and the Internet of Things. Christa has worked as a high tech marketing and communications professional since 2000. You can follow her on Twitter: @ChristaProkos.