How are Manufacturers Addressing the “Internet of Things”?

The Internet of Things (IoT) is catalyzing the next manufacturing revolution.

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.

“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.”

However, manufacturers are overlooking two critical pieces that could de-rail their IoT progress: cybersecurity and R&D tax credits.

The Internet of Things introduces a host of new cyber threats and attack vectors for bad actors, and manufacturers may be leaving money on the table by failing to seek research tax credits.

Read more in the MPI Internet of Things Study sponsored by OMA Connections Partner BDO.  4/18/2017

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