ABSTRACT
The basic concept underpinning the Internet of Things (IoT) is the possibility of connecting objects to the Internet, typically by means of a small and inexpensive “smart label”. The transition from a world of objects to a world of smart objects connected, identified, and monitored in real time paves the way for radical innovations in the field of manufacturing: a development known as Smart Manufacturing (also referred to as Industry 4.0, Factory 4.0, Smart Enterprise, Industrial IoT). Over the past five years, Smart Manufacturing has gained significant momentum in terms of market diffusion, levels of investment, and productivity gains, as reported by a body of analytical studies (McKinsey & Co, 2015; GE & Accenture, 2014; DHL & Cisco, 2015; PWC, 2014).
