Use Of Technology And Information Management

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As new, innovative technologies emerge within the business landscape, entrepreneurs and stakeholders must learn to adopt and exploit the opportunities that they present. With more businesses aligning their strategy with the digital environment, we are starting to discover a new way of conducting business from the converging of both the virtual and physical world. Technologies such as cloud computing, the Internet of Things (IoT), and pervasive business analytics are all improving, as well as disrupting, how contemporary organizations manage information. Organizations such as Netflix, Black & Decker, Boston Scientific, and IBM are just a few companies that have implemented these solutions in order remain competitive in a fast-changing …show more content…

From data mining to information management, there is a growing trend of organizations taking advantage of the Internet of Things. Although most of the industries that utilize this technology are typically capital intensive (e.g. automobile, telecommunications, oil refining, etc.), other organizations are starting to realize its benefit due to the dwindling cost of initial investment.

There are a variety of applications for the Internet of Things (IoT), internally and externally. Incorporating IoT into the supply chain allows real-time tracking of parts and raw materials, addressing demand fluctuations and managing capacity by utilizing smart sensors and digital control systems. Black & Decker, a leading global provider of power tools and related accessories, integrated IoT into their manufacturing plant in Mexico to track labour costs, acquire real-time production schedules, and monitor equipment effectiveness. They chose this plant as the first adopter of the technology for a couple reasons: 1) it is their largest plant 2) it produces three dozen models of power tools 3) it has a complicated production line, which requires quick changeovers and demands efficient asset management to stay on schedule. Managers predicted that increasing the transparency of the plant’s operations would be of benefit to quality and production management.

Black & Decker reached out to AeroScout, a

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