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When is it best to make your own components?

Most manufacturers have relied on third-party vendors to make parts that are then incorporated into the final product. From automakers sourcing stereos and aircraft makers contracting for jet engines to a small bakery ordering plastic bags or a woodshop buying nails, producers of all types have supplemented their internal capabilities through a painstakingly developed supply chain of external vendors.

Is Leveraging the IoT Really ‘Smart Manufacturing’?

Industry 4.0 is often referred to as smart manufacturing, where technology enables interconnectivity for machines and manufacturing software and systems. It also provides “Big Data,” increased visibility and remote access to manufacturing assets.