The rise of IoT will significantly change many industries. However, companies that use IoT devices have faced various challenges mainly due to high cost of these devices. Companies in inventory and supply chain management have in the past experienced increased spending, and this is likely to go on between now and 2023. The increase in spending will result from new models of business that include software and products-as-a-service. The reduced cost of IoT sensors, increased connectivity and emerging software will be the leading areas that manufacturers will take advantage of going forward.

Mark Morley provides an excellent view on challenges facing us from within the manufacturing sector. As you read through the article on gxsblogs.com, think about the implications for your shop.