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Tuesday, September 22, 2015
Iot enables JIT
"Fast, good, or cheap; pick two." That used to be the motto for manufacturing, as the
reality was you'd have to compromise on at least one of the three. However, today's technological advances like drones and 3D printing combined with advanced data collection make the inventory strategy of Just-In-Time (JIT) inventory more feasible than ever before. As a result, manufacturers now have the possibility of making their supply chains fast, good, and cheap.
"This is nothing less than a paradigm shift in industry: the real manufacturing world is converging with the digital manufacturing world to enable organizations to digitally plan and project the entire lifecycle of products and production facilities," observed Helmuth Ludwig, CEO, Siemens Industry Sector, North America.
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