Big Data is profitable and usable due to the occurrence of cloud computing and IoT. With big data, manufacturers can recognize their business better with the reliable and simplified analytics recorded from their various data sources.
FREMONT, CA: Any massive changes in technology capabilities also imply an alteration in the way companies manufacture their goods. So, companies are using new tools to collect data more accurately. Development and innovation are on the rise with the technology trends, so organizations need to be aware of them; below are a few.
Surface Mount Technology (SMT) Assembly Equipment
SMT Equipment vendors are introducing products that can store large amounts of data. Automation technologies are increasing in usage, so, there is a keen need for high capacity SMT placement equipment. According to market reports, the equipment is forecasted to grow at a CAGR of 6.37% from 2019 to 2023.
Internet of Things (IoT)
The IoT is a massive asset for manufacturers to leverage to improve efficiency and reduce expenses. By using this capability with products, many industry experts believe that profitability will increase in the coming years. Today, many devices use this smart device technology. Not only does it advance competence, but it leaves much room for innovation of new special features and capabilities.
Big Data is profitable and usable due to the occurrence of cloud computing and IoT. With big data, manufacturers can recognize their business better with the reliable and simplified analytics recorded from their various data sources. Additionally, innovation and development improve with the free flow of valuable information.
Shifting From B2B to B2B2C
There has been a massive change in the manufacturing business model. Most have switched from Business-to-Business (B2B) to Business-to-Business-to-Consumer (B2B2C). The move facilitates businesses to receive the advantages that come with direct-to-consumer selling, of which one. When one sells to consumers without a third party, they retain control of the brand and price. There is no room for third parties to alter or dilute the brand when one goes straight to the consumer. The data can be collected from the sales that allow firms to build a better business strategy for the future.