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CHAPTER ONE
INTRODUCTION
1.1 Background of the study
The Internet of Things (IoT) is
changing business models, increasing output, and automating processes across a
number of industries. But no other sector has been more impacted by this
technological revolution than manufacturing. Manufacturers across all areas
automotive, chemical, durable goods, electronics, etc. have invested heavily in
IoT devices, and they're already reaping the benefits. Manufacturers utilizing
IoT solutions in 2014 saw an average 28.5% increase in revenues between 2013
and 2014, according to a TATA Consultancy Survey. In recent decades, challenges
in the competitive arena have grown exponentially. Companies are nowadays
experiencing extreme competition, mainly due to increasing pressures from
technological changes and global challenges. These “emerging” pressures result
in the globalization of manufacturing, characterized by faster transfers of
materials, complex payment systems and the compression of products’ life
cycles, which drive the need for the superior integration of technologies with
increasingly sophisticated customers’ needs (e.g. Shepherd and Ahmed, 2000).
Successful companies do not only respond to their current customers’ or
organizational needs, rather they anticipate future trends by developing ideas,
products or services to rapidly and effectively meet future demands. Such an
ability is an essential requirement to develop and sustain a competitive
advantage (Porter, 1985; Peteraf, 1993). Thus, through innovation in products
and processes, companies increase their capacity to enter or create new markets
and this ultimately represents an key for success (Li et al., 2013; Teece,
2010). Among all the sets of pressure of a technological nature, the advent of
the Internet has deeply affected companies’ approach to production and has
strongly reshaped organizational and operational structures. However, the role
of the Internet in manufacturing is still understudied as it is for the
“Internet of Things” (IoT) phenomenon, i.e. the advent of sophisticated
networks of objects and items connected through the web, often equipped with
ubiquitous intelligence (Xia et al., 2012). The pertinent literature on the
topic is fragmented and mostly focused on in-depth analyses of specific cases,
predominantly with a focus on engineering aspects (e.g. Ashton, 2009; Gubbi et
al., 2013; Guinard et al., 2010).
Despite acknowledging the fine-grained
knowledge retrievable from such cases, such “disconnected” works do not allow
for clear possible categorizations and evolutionary roadmaps of the phenomenon
of the IoT, especially in terms of managerial implications. Thus, the aim of
this paper is to investigate the main facts that characterize the IoT and
through this, theorize a conceptual framework coming from the innovation
literature in order to analyze and interpret the past, present and future
dimensions of the influence of the IoT on manufacturing. Since the IoT is still
a developing concept, our model also contributes by clearly positioning and
framing the phenomenon into traditional models of the managerial literature.
The paper is structured as follows. In the first part, we present a wider view
of innovation in manufacturing. By using the definition and evolution of
Intelligent Products, we retrace the evolution of the IoT phenomenon in the
manufacturing industry, presenting four main facts that have characterized it
over recent years. Consequently, we reframe these facts into four evolutionary
stages in the light of the most accepted innovation theories in order to build
a conceptual framework, while also highlighting the implications for product
and process innovations from manufacturing firms. Finally, we apply our
conceptual framework to the emerging phenomenon of 3D printing in the larger
sector of additive manufacturing to demonstrate the validity of our model.
EFFECT OF INTERNET OF THINGS IN MANUFACTURING INDUSTRY
Chapters: 1 - 5
Delivery: Email
Delivery: Email
Number of Pages: 75
Price: 3000 NGN
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