LATEST INTELLIGENCE twins to start realizing the value of digitalization across the product lifecycle .
Smart Manufacturing Impacts Business Across the Entire Value Chain
Smart manufacturing leverages technology in manufacturing environments to monitor and optimize the production process . It uses IIoT in conjunction with cloud , artificial intelligence and machine learning ( AI / ML ) and other technologies to help organizations automate operations and improve manufacturing performance . With advances in cloud technology , industrial organizations can now analyze data streaming off an entire factory ’ s worth of machines , or even across multiple facilities in near real time .
As smart manufacturing use cases continue to expand , experts in the space are increasingly finding new ways IIoT can disrupt and ultimately , reinvent industrial sectors around the world . Bain & Company , for example , estimates IIoT to have a $ 200B market potential by 2021 . To capitalize on this potential , manufacturers need to become digital enterprises and rethink every element of their business .
The Power of Digital Twins and Closed-Loop Integration
As part of their efforts to become a digital enterprise , companies are exploring how to leverage existing product models , such as CAD , CAE , simulation , and others , to build virtual models of their products that can be represented in cloud-based IIoT environments . p