We know IoT is big business in medical devices. But how big is the potential for manufacturers and OEMs? Med-Tech Innovation editor Dave Gray writes.
UK manufacturing is off to a great start, despite the ongoing uncertainty surrounding Brexit.
In fact, the sector contributed to a 1.1% rise in total production between November and December 2016, according to the Office for National Statistics.
Commentators have even said that the figures represent the highest levels of optimism since June 2015.
The strength of the UK economy at the close of the year has been attributed in part to a strong final quarter for the manufacturing sector.
So how does the UK maintain this momentum in order to weather the storm of Brexit?
IoT technologies may just hold the key. We know that in medtech, IoT has become big business.
From connected wearable devices, to hospital cyber security, the opportunities are mounting for innovative companies and startups to take a bite of the apple – indeed, even Apple itself is rumoured to be making a bigger play in the connected medical arena.
But IoT has massive potential for manufacturers too.
In particular, despite the initial outlay on upgrades to equipment, the opportunities for cost savings are hard to ignore.
In the same way that connected devices may soon be able to predict heart attacks before they occur, new manufacturing technology can alert the supplier/service organisation before the machine develops a fault.
But it’s not just about improving operational efficiencies. Machine suppliers can offer added value to their customers by leveraging the data generated by the machine into a more consultative service.
This can result in efficiencies, product quality improvements and perhaps even new part design capabilities.
Investing in smart manufacturing and IoT comes with a warning, however.
Simply retrofitting a couple of smart components is not always going to be enough to get the real benefit.
Look at smart homes, as an example of this. You can buy an Amazon Echo speaker, and a few expensive lightbulbs, and bingo! Technically, you now have a smart home.
But you’re not going to get the full enjoyment benefit, not to mention potential energy savings on your utility bills unless you methodically upgrade all systems throughout your house.
This can, in some cases, be as extensive as fitting a new boiler, re-wiring the house, purchasing new appliances. It’s going to be costly, but the end-result looks great.
It’s the same for manufacturers. If your IT infrastructure is seriously out-of-date, you may have more work to do in the short-term.
As we race towards Med-Tech Innovation Expo I’ll be looking out for news from our readers and contributors as they take steps to make their processes smart.
And on that note, I’d like to conclude this editorial by saying thank you to those in the sector who have given me such a warm welcome to Med-Tech Innovation since I took the helm in December.
I hope I can continue the long-established standard of bringing quality, useful content to this futuristic market
