Implementation has potential to boost manufacturing GRP by more than $10 billion annually by 2025
CLEVELAND, Ohio, November 2, 2018 – Nearly 250 representatives from Northeast Ohio manufacturing companies and solution providers joined the working group behind the “Smart Manufacturing – Industrial Internet of Things (IIoT) Roadmap for Northeast Ohio” today to discuss how incorporating IIoT could lead to growth for their businesses as well as generate a significant lift in the region’s manufacturing gross regional product (GRP).
While Moody’s Economy.com projects $4 billion in GRP growth by 2025, taking GRP to $49 billion, calculations developed by the IIoT Roadmap Working Group reveal that greater IIoT application in a factory setting has the potential to grow GRP beyond from $53 billion to $62 billion by 2025.
“Manufacturing innovation has become increasingly important to Northeast Ohio’s competitiveness in the global economy,” said Jay Foran, senior vice president of industry and innovation at Team NEO. “IIoT offers manufacturers a tremendous opportunity to increase their productivity, spur product innovation and bring more profit to the bottom line.”
Foran leads the IIoT Roadmap Project Team, a collaboration of Team NEO, prominent manufacturers (both end-user and supply-chain companies) and leading academic institutions, who spent more than six months identifying and quantifying IIoT implementation opportunities in Northeast Ohio using the Team NEO In-Seven® Road Mapping Process. The resultant roadmap recommends a path forward for developing a regional IIoT commercialization strategy, tactical framework and plan of action that leverage Northeast Ohio’s rich manufacturing heritage, unique assets and talented workforce.
“As more and more manufacturers adopt these new technologies and processes, the region will benefit significantly,” added Foran. “IIoT solutions are some of the strongest tools available for advancing Northeast Ohio’s progress and elevating its prosperity.”
Manufacturers are invited to take the IIoT Readiness Assessment at bit.ly/NEOIIoTRoadmap. The IIoT Roadmap Project Team will provide a complimentary, confidential, high-level assessment of the organization’s readiness to adopt IIoT solutions and a comparison of how their readiness compares with the overall region.
About Team NEO
Team NEO is a business development organization focused on creating jobs for Northeast Ohio’s residents. In collaboration with our partners, it leads the region’s business attraction efforts, supports business retention and expansion work as Northeast Ohio’s JobsOhio affiliate, accelerates the impact of innovation in the region, and aligns strategies and resources within the economic development network to maximize its impact. In addition, Team NEO provides tools to assist employers in attracting talent to the region.
Team NEO is part of the Northeast Ohio Economic Development network, providing business decision-makers with access to customized solutions that accelerate growth, foster innovation and mitigate risk through a connected and collaborative ecosystem.