Abstract
The implementation of Internet of Things (IoT) technology in the manufacturing industry is continuing to grow, as shown by the extensive research, development, and standardization regarding IoT technology. However, a deficiency of IoT-related knowledge and experience is still a serious barrier to decision-making in IoT implementation, especially in small and medium enterprises (SMEs). This study develops a method to clarify the impact of IoT implementation on life cycle costs to support decision-making of IoT implementation in SMEs. The results demonstrated that the proposed method can foster an understanding of the economic impacts of the IoT implementation through the calculation of return on investment.
Original language | English |
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Pages (from-to) | 1424-1429 |
Number of pages | 6 |
Journal | Procedia CIRP |
Volume | 104 |
DOIs | |
Publication status | Published - 2021 |
Event | 54th CIRP Conference on Manufacturing Ssystems, CMS 2021 - Patras, Greece Duration: 22 Sept 2021 → 24 Sept 2021 |
Keywords
- IoT
- SMEs
- decision making support
- life cycle cost