Now, it is possible not only to know where products are in the life cycle, but also to predict where they will be next and automatically take measures to ensure they’re in the hands of customers when and where needed.

This is possible thanks to the powerful union of the internet of things (IoT) and computer vision, along with the constellation of data analytics applications now coming into artificial intelligence (AI) and machine learning (ML). This is paving the way to the factory of the future, which won’t be just manufacturing products, but will function as IoT-driven networks. With near-real-time data and visualization on the location, status and environment of assets, companies can optimize how assets are used and deployed to help maximize return on investment.

A new Forbes Insights survey of 700 executives finds enterprises are embracing IoT to improve the capabilities of their supply chains and operations. Twenty-seven percent are employing IoT to enhance their manufacturing operations, 22 percent are implementing IoT to provide greater transparency across their supply chains, and 16 percent are focusing their IoT efforts on warehousing and logistics. Additionally, 38 percent seek to employ IoT to enhance their operational capabilities, while 27 percent seek to leverage their IoT capabilities to support more intelligent logistics and routing.

The survey also found that a majority of companies are linking their IoT to cognitive and analytical applications. When asked what kinds of computing applications are influenced by their IoT-generated data or insight, 71 percent indicated AI and machine learning systems, and 55 percent pointed to integration with advanced analytical algorithms. Notably, 47 percent have begun implementing visual analytics on a limited scale to ingest visual data captured by IoT-enabled cameras and analyze it to enable greater insights and determine best courses of action.

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