According to the American Council for an Energy Efficient Economy (ACEEE), manufacturing continues to represent a vital component of the United States economy, accounting for about 14% of gross domestic product. The manufacturing sector was responsible for almost a third of both national energy consumption and greenhouse gas emissions in 2007.

Manufacturing greats like Dow Chemical “aim to improve the lives of 1 billion and deliver $1bn in cost savings and new cash flow for the company.” Smaller manufacturers like AkzoNobel, a leading global paints company and a major producer of specialty chemicals, have created value propositions based on helping their customers meet sustainability targets.

Accomplishing these kinds of commendable goals is made possible with the information made available through the Internet of Things.

What is the Future of IoT in Manufacturing?

Before the industrial revolution, manufacturers could not envision a future with an assembly line. That was the innovation that changed the face of global manufacturing back then.

The next such innovation is the Internet of Things.

If connected systems seemed like science fiction 20 years ago, like a competitive edge in today’s manufacturing ecosystem, in the future they will be a widespread, fundamental manufacturing must-have.

We expect more data to be gathered, more analyses to be made, more insights to be gleamed, and more efficiencies to be realized. Manufacturers that accept this reality and allow the IoT to permeate their processes, will be the ones who leverage the benefits and reap their share of the $19 trillion in projected profits and cost savings.

Yaniv Vardi is Chief Executive Officer at Panoramic Power, the leading provider of device level energy management solutions. Yaniv is a seasoned executive with close to two decades of leadership experience in the Enterprise Software Solution Industry. As CEO of Panoramic Power, he oversees the day-to-day operations of the company as well as provides vision, strategic direction and focused execution for the company.