FEBRUARY 20178 MANUFACTURINGTECHNOLOGYINSIGHTS.COMIN MY OPINIONWhether it's providing same-day delivery, customized products or creating personalized shopping experiences, in today's on-demand world, companies must have an accurate pulse on their customers and their evolving expectations. This means organizations must get closer to their customers than ever before. Accomplishing this requires more than simply harnessing larger and larger data sets--it requires an effective and strategic use of sensors and connected devices that are driving the rapid adoption of and advancements in Internet of Things (IoT) and Industry 4.0 technologies. It requires a keen recognition that these technologies can fundamentally change complete business models and how people work. To reach this state and deliver on this promise, a business must connect its systems and integrated business networks to its people, partners, and physical environment.Smart products and smart devices are accelerating the transition to a full-scale digital and service economy, and organizations need to act sooner than later to keep pace with the dramatic change this will have on how business is conducted. Having an extended, digitized supply chain is an integral component of being able to run this typy of live business. A Time of ChangeThere are monumental changes happening across all industries. Those that have somehow come to believe that IoT and Industry 4.0 solutions are only relevant for a select few industries, such as high-tech, manufacturing, or oil and gas, and that everyone else is taking a wait-and-see approach until the landscape settles, are misguided. We've already seen the way the transportation and hospitality industries have been upended by Uber and Airbnb. This alone should be a wake-up call for companies across all industries to realize that they can no longer continue moving along on the same track, just because that track has traditionally been profitable. The reality is that industry upheaval can come anytime and from anywhere. 3D printing is just one example of a technology revolutionizing long-standing business models. While some applications of 3D printing may seem far-fetched, this type of innovation is happening across a variety of industries today. In retail, for example, consumers want personalized goods that can be customized to their specific needs. Companies like Nike are already leveraging 3D printing to make By Hans Thalbauer, SVP, IoT and Digital Supply Chain, SAP [NYSE:SAP] [FWB:SAP]Connecting Things with Processes and People
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