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The Internet of Things (IoT) is an increasingly important recent technological development and one that is set to revolutionise the way that industry operates. Through advanced networks of physical objects or "things" embedded with electronics, software, sensors and connectivity, the IoT will enable greater value and service by exchanging data between manufacturers, suppliers, operators, users and many other connected devices. The IoT offers the potential for a wide range of applications to be realised including the possibility to observe and control the condition of manufacturing operations, infrastructures, vehicles and homes, as well as the health of human beings and their actions.
From the present time to 2020, the number of "things" communicating over the internet is predicted to grow from about 5 billion to 26 billion and, by 2030, more than 500 billion "things" are expected to be connected.
The important question is how can the "things" in the IoT be designed, manufactured, standardised and used so that they can collect, distribute, process and intelligently respond, thereby offering real benefits through being connected. In order to realize this forecasted hundredfold growth, the entire production chain is required to consider the possible influences of the IoT on its business models, growth and investment planning. Most importantly, the availability of materials, devices and logistic/data capacities, needs to be determined, and the information used to influence the strategic planning activities that will be needed to successfully implement the IoT for the benefit of both industry and society.
This EIPC workshop will address these issues and stimulate discussion amongst the supply chain to identify the challenges, benefits and growth opportunities offered by the IoT. It will also help those than can benefit from the IoT to become more aware of what it can offer their own businesses.