A life cycle cost analysis method accelerating IoT implementation in SMEs

Yuya Mitake*, Yusuke Tsutsui, Salman Alfarihi, Mar'Atus Sholihah, Yoshiki Shimomura

*Corresponding author for this work

Research output: Contribution to journalConference articlepeer-review

4 Citations (Scopus)

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 languageEnglish
Pages (from-to)1424-1429
Number of pages6
JournalProcedia CIRP
Volume104
DOIs
Publication statusPublished - 2021
Event54th CIRP Conference on Manufacturing Ssystems, CMS 2021 - Patras, Greece
Duration: 22 Sept 202124 Sept 2021

Keywords

  • IoT
  • SMEs
  • decision making support
  • life cycle cost

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