Adopting internet of things for manufacturing firms business model development

Abstract

The Internet of Things (IoT) has sparked a revolution in the manufacturing sector, providing numerous advantages to companies that adopt it. Using IoT, factories can boost productivity, cut expenses, and develop a more sustainable business model. The rise of digital networking and real-time communication are compelling manufacturers to adopt cutting-edge technologies in order to compete in today's fast-paced, international marketplace. The Internet of Things (IoT) to facilitate the virtualization of manufacturing processes and the gathering of real-time data to guarantee seamless supply chain operations. There has been abductive qualitative research done. Case studies of the heavy-duty vehicle sector provided empirical data, while a review of the relevant literature provided the theoretical underpinnings. Information system issues and people and structure issues were cited as barriers to analytics adoption. In this study works on challenges and security of manufacturing. Finally, suitable themes for analysis have been derived using a thematic analysis. The results show that manufacturing firms can benefit from analytics solutions for production activities even if they are not highly automated or complicated. The Internet of Things (IoT) offers numerous opportunities for growth in the business models of manufacturing companies. Businesses can boost efficiency, cut expenses, and develop a more robust business model by implementing IoT. Successfully integrating IoT, however, calls for meticulous preparation and execution.