Work

A life cycle cost analysis method accelerating IoT implementation in SMEs

Year: 2021

Type: article

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.

Source: Procedia CIRP

DOI: 10.1016/j.procir.2021.11.240

Authors: Yuya Mitake, Yusuke Tsutsui, Salman Alfarihi, Mar’atus Sholihah, Yoshiki Shimomura

Institutions: Tokyo Metropolitan University, Institut Teknologi Sepuluh Nopember

Language: English

Topic: Digital Transformation in Industry

Subfield: Industrial and Manufacturing Engineering

Field: Engineering

Domain: Physical Sciences

SDG: Industry, innovation and infrastructure

Open Access status: diamond

Funder: Japan Society for the Promotion of Science