The MPI Internet of Things Study
The MPI Internet of Things Study, conducted by The MPI Group and sponsored by BDO and SAS, evaluated the readiness of global manufacturers to incorporate smart devices and embedded intelligence within their plants and into their companies’ products. In November and December 2016, 374 manufacturers participated in the study.
Download the Study
“No manufacturer, regardless of size or ingenuity, is immune to technology disruption. The question companies need to ask themselves isn’t whether they can afford to invest in the future of manufacturing; it’s whether they can afford not to.”
- Rick Schreiber, partner and national leader of BDO’s Manufacturing & Distribution practice
Manufacturers Weigh Risks & Rewards for IoT Opportunity
Manufacturing is getting a reboot. Are you ready for the revolution?
The Internet of Things. Industry 4.0. The digital industrial. Whatever you call it, one thing is clear: The next era of manufacturing is here.
The MPI Internet of Things Study, sponsored by BDO, finds that manufacturers are making headway toward embracing the IoT and improving their readiness—more than half (51 percent), in fact, characterize themselves as IoT-competitive companies, and another 14 percent say they’re IoT leaders. But they still have a long road ahead of them and face big obstacles along the way.
Uncertain if the opportunity is worth the investment? Seventy-two percent of manufacturers report the application of the IoT to their plants and processes resulted in an increase in productivity in the last year, while 69 percent report seeing an increase in profitability, with 12 percent reporting increases of more than 10 percent.
Looking forward, 60 percent of manufacturers have a strategy in place to apply the IoT to their processes—and 36 percent are already implementing it. If you’re among the 40 percent without an IoT strategy, now is the time to develop a plan and put it in action. And for those with a plan already underway, don’t forget about risk while chasing opportunity. Data exclusive to BDO finds two critical components of IoT strategy that manufacturers are underestimating: cybersecurity and research and development (R&D) credits.
SHARE