IOT Security Issues & Software Implementation

1. IoT (Internet of Things) is a relatively new concept for companies of all industries. IoT software integrates with critical business systems (e.g., ordering systems, robotics, scheduling, and more) to enhance the execution of related tasks.

2. The main idea is to reduce operational costs while collecting and analyzing data so that processes can be optimized and goals can be achieved. All too often, what starts out as a simple task evolves into a number of challenges that must be overcome to reach the desired result.

3. About 60% of enterprises are already implementing IoT, but only 30% are ready to say they’ve done so successfully. Most business executives are not yet able to appreciate the value of implementing IoT software because its benefits don’t begin to bear fruit for some time after implementation. 

4. By focusing on reducing operating costs, companies often miss out on IoT’s ability to solve consumer problems. And while IoT software impacts efficiency, customer satisfaction and productivity in the long run, the gap between understanding why to use IoT and the real value of putting its innovation into practice is a common reason for enterprises being slow-adopters.

WEF's Global Lighthouse Network & Insights from Companies

1. The global manufacturing community is lagging behind in its adoption of Fourth Industrial Revolution technologies. 

2. More than 70% of companies are still stuck in “pilot purgatory”, while only a select group of leading manufacturers are able to deploy advanced manufacturing at scale, generating new value and customer experiences within the factory or across value chains. 

3. To close this gap and accelerate a more comprehensive and inclusive adoption of advanced technologies in manufacturing, the World Economic Forum’s Shaping the Future of Advanced Manufacturing and Production platform has set up the Global Lighthouse Network. 

4. This community of manufacturers shows leadership in using Fourth Industrial Revolution technologies to transform factories, value chains and business models, for compelling financial and operational returns. 

5. To date, 90 manufacturing Lighthouses have been identified from different industry sectors, including 3 Sustainability Lighthouses. 

6. They have embarked on a joint learning journey, partnering on collaborative projects, developing insights and incubating new potential partnerships.

7. The Weichai Power Company, a powertrain, vehicle and construction machinery producer in China, is an E2E Lighthouse that has achieved technology-enabled connectivity across multiple functions. 

Knowledge Management for Manufacturers

1. Many operations already have systems in place to manage their tangible knowledge; that’s reports, presentations, papers etc. However, they often overlook the knowledge and experience of their people. 

2. A highly skilled and knowledgeable workforce is often a company’s most valuable and unique asset, so shouldn’t something be done something to safeguard this knowledge as well?

3. But effective knowledge management is often easier said than done – and this fact has been detrimental to the progress of many organizations. This is especially true for those in manufacturing industries, including general manufacturing, information technology, telecoms, chemicals and consumer goods. 

4. In such companies, an aging workforce and largely manual processes have inhibited the effective transfer of knowledge and caused a massive skills gap to emerge. And this has hobbled one of the greatest economic drivers in the U.S.

5. Here’s how to implement knowledge management in industries across the board to close the skills gap, save money and bring your organization into the future.

Funds to Support Planning Efforts and a more Equitable, Just, & Inclusive Transportation System

 1. In the United States, The Federal Transit Administration (FTA)  announced the availability of approximately $10 million in competitive grant funds through FTA's Pilot Program for Transit-Oriented Development (TOD) Planning.

2. FTA says the funds will support comprehensive planning efforts that help connect communities, improve access to public transportation and affordable housing, combat climate change, advance environmental justice, and promote equitable delivery of benefits to underserved communities.