You can connect anything, but if you don’t connect to people—you are missing the target.
Despite the urgency, investment, and necessary attention manufacturers are dedicating to the Internet of Things (IoT)—there still lies a major disconnect between where these devices leave off and humans pick up. More specifically, how do companies prepare, strategize, and ultimately capitalize on the business value IoT can facilitate?
IoT is About Enabling Businesses to Thrive in the Digital World
Whether it's protecting the core business from outside disruption or identifying opportunities for incremental innovation, manufacturers large or small need to look above and beyond the technology and truly hone-in on how to derive the most business value from integrated data and IoT.
Graphic:
Over the next 3 years, 2 out of 5 manufacturing CEOs say they need to improve how they:
- Monitor market disruption
- Innovate
Source: 2018 Global CEO Outlook, KPMG International
It’s not enough for manufacturing leadership to be satisfied that they have sensors and smart controls plucking data from factory floors, supply chains, and operations. Data is data, but information is data that can be analyzed and leveraged to strategically create value—optimize sales, streamline operations, improve ROI, pinpoint marketing, deliver the right customer experience at the right time, etc.
As IoT data is connected across the entire ecosystem, the whole operation becomes more responsive to customer demands—increasing the speed, fluidity, scale, quality and precision of key operations and customer touch points.
Graphic:
1 out of 3 manufacturing CEOs say their customer experience investment did not deliver growth
Source: 2018 Global CEO Outlook, KPMG International
When you have more information on customers than your competition, you need to see it and connect it throughout the business—both from a perspective of gaining alignment across the organization and actually cultivating the necessary knowledge sharing.
By knocking down data doors and removing silo walls across the front, middle, and back office functions—your business can obtain enhanced value to thrive in the digital world.
In the Front Office
IoT provides manufacturers with a vehicle to collect and harness data to better understand customer behavior, motivation and profitability. In the front office, this data may provide powerful insights like:
- Analytics-based customer segmentation
- Predictive and targeted geo marketing
- Identifying high volume opportunities for sales
In the Middle Office
Here, IoT data helps the workforce by empowering and affording employees access to data-driven decision making tools and ultimately, data-informed cognitive analytics that provide the visibility and means to react in real-time to market disruptions concerning:
- Supply chain management
- Predictive equipment maintenance
- Energy management
In the Back Office
IoT gathered data may help identify real issues in the context of business performance and customer satisfaction. This can help leadership discover innovative solutions to improve:
- Forecasting
- Risk Management
- Ideation of new value added services
Maximize IoT-enabled Value
Learn how KPMG is helping businesses create a healthy and holistic IoT ecosystem that promotes growth, reduces friction, and creates more valued-driven opportunities in a way that was once reserved for only the biggest and most established brands.
Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates or related entities.
The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation
© 2019 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved. Content that displays the KPMG logo or uses the KPMG name shall include the following trademark ownership statement, once. The KPMG name and logo are registered trademarks or trademarks of KPMG International.
