The Internet of Things is the network of physical objects or things embedded with electronics, software, sensors and connectivity to enable it to achieve greater value and service by exchanging data with the manufacturer, operator or other connected devices
In this age of rapid transformation, digitalization is overhauling the manufacturing industry. This unstoppable momentum revamps industrial services and business models, pushing up the speed of innovation. Industrial value chains, supply chains, and industrial ecosystems also witness a boost in decomposition, integration, and reconstruction. This has fostered an expansion in revolutionary and profitable new services such as full lifecycle product maintenance, product operation, digital marketing, and online support services. The days of traditional manufacturing’s predominance are fading, and it is wise to plan now to reap the rewards of the inevitable transformation in both intelligence and service fields.