IoT: Disruption from the Hoosier State
Recently, in KPMG’s global survey, China’s CEOs named the Internet of Things, machine-to-machine technology, and the industrial internet as focus areas for further investment in the next three years. In the same survey, technology disruption in India, focused on product engineering, big data analytics, and the Internet of Things, is creating opportunity as the county looks to make these technologies mainstream activities.
The conclusion is simple: The world economy is on the brink of an industrial revolution that will impact all economic sectors and forever change our way of living. So, what are we doing here?
The Internet of Things (or “IoT”) revolution is creating a way for U.S. companies to onshore jobs that have previously departed for lower costs. By increasing productivity through machine-to-machine communication, IoT is making the American manufacturing process competitive again. But, is Indiana ready to grow its IoT footprint?
On the surface, Indiana is an obvious place to invest in Industrial IoT technology. We are 2nd in the nation in manufacturing job growth according to Indiana Workforce Development, and nearly 30% of our GDP is from manufacturing. Meaning, the foundation is in place- we just need to make sure it doesn’t crumble because we are slow to adopt new standards. By leading the way in new manufacturing technology, Indiana could lead the globe in manufacturing tech and spearhead the fourth industrial revolution. That vision is being planned by DATTUS.
Spearheading the Hoosier IoT story is DATTUS CEO, Anurag Garg. With a mission to make the power of Industrial IoT accessible to manufacturing companies who have previously found it out of reach, the goal is simple- to advance Indiana manufacturing jobs by leading with IoT. Early adopters will experience a more intelligent process because IoT can decrease downtime and improve quality. Meaning, the Indiana manufacturing economy can become more efficient with IoT technology by quickly spotting a weakness and improving it.
This rapid response brings new opportunity for Indiana manufactures to win more contracts and expand operations. With this in mind, Anurag believes the time is now- to scale and deliver this disruptive product. To that end, Anurag has felt the local support, stating “Having DATTUS headquartered in Indy has been a major advantage to us, and we have received great support from the IMA (Indiana Manufacturing Association) and manufacturing community.”
While this appears as a simple idea, being a major disruptor from a fly over state has its challenges. As it turns out, the biggest challenge is tied to the large size and history of the manufacturing economy here. With such a large and established manufacturing economy, Indiana businesses have been slow to pivot. This problem with new implementation could result in other states recognizing the opportunity and moving faster. If that is the case, then the Hoosier opportunity to lead in the tech-manufacturing space could be seized by another state.
However, Anurag sees a path to realization. By innovating a complete end-to-end and out-of-the-box solution for manufacturers to collect, monitor, and analyze machine performance data. Dattus has a blueprint to boost production and give early adopters the competitive advantage. This is his “Making products in the Hoosier state” story. But to secure that story, technology must play a larger role and the manufacturing sector here must recognize the importance of improving and leading.
About the Author
Jake Madore is a Consultant with McGuire Sponsel where his practice revolves around collaborating with clients to deliver state and local economic development incentives, R&D tax credits, cost segregation and international tax incentives.