Barry Misthal

Of course, new investments alone aren’t enough. Industrial manufacturers need additional skills as well; they must figure out how to manage a superabundance of new data so that it becomes useful and not overwhelming; adapt technology to run their own supply chains and operations more seamlessly; monetize digitization; find talent adept at industrial software programming and analytics; and build strategic partnerships that won’t compete for market share.

Industrial manufacturers inhabit a world littered with uneasiness. Global demand for manufactured products is growing at a snail’s pace. Output is expected to increase just 3.1 percent in 2016 and 3.4 percent in 2017, according to the International Monetary Fund. Growth is dampened by Brexit concerns and political uncertainties.

4. Mine operational data If connected machines — the primary components of the Internet of Things (IoT) — are to be the backbone of industry in the near future, industrial manufacturers will have to figure out how to manage the data coming from an avalanche of sensors, integrated equipment and platforms, and faster information processing systems.