IoT (Internet of Things) and embedded systems are closely related fields that involve the integration of hardware and software to create intelligent devices that can sense, analyze, and communicate data. Value engineering, on the other hand, is a systematic approach to improving the value of a product or service by optimizing its functionality, performance, and cost.
Value engineering can be applied to IoT and embedded systems to create devices that are more efficient, intelligent, communicative, reliable, and cost-effective.
As per Fortune Business Insights, the global Internet of Things (IoT) market is expected to grow from $662.21 billion in 2023 to $3,352.97 billion by 2030, at a CAGR of 26.1%. This growth is expected to be driven by the increasing adoption of IoT in various industries, including manufacturing, transportation, healthcare, and energy.
According to Gartner, The IT Services for IoT market will represent a 58-billion-dollar opportunity in 2025, (with a 34% CAGR from 2020). Further, the’ build phase’ constitutes the largest revenue segment, while the highest growth will occur in the run phase.
Here are some ways in which Value Engineering can be applied to IoT and embedded systems:
Design optimization: Value engineering can be used to optimize the design of IoT and embedded systems by identifying unnecessary features and functions that add to the cost of the device without providing any significant benefit. By removing these features, the device can be made more cost-effective without compromising its performance.
Material selection: The choice of materials used in IoT, and embedded systems can significantly impact the cost and performance of the device. Value engineering can be used to select materials that are both cost-effective and meet the device’s performance requirements.
Manufacturing optimization: Value engineering can be used to optimize the manufacturing process of IoT and embedded systems to reduce costs and improve quality. This can be achieved by identifying and eliminating wasteful processes, simplifying assembly procedures, and reducing the number of components used in the device.
Testing and validation: Value engineering can be used to optimize the testing and validation process of IoT and embedded systems to ensure that they meet the required performance standards. By streamlining the testing process and using more efficient testing methods, the cost of testing can be reduced while maintaining the quality of the device.
Overall, by applying value engineering principles to IoT and embedded systems, it is possible to create devices that are more cost-effective, reliable, and efficient without compromising their performance.
At ThoughtFocus, we are committed to helping global manufacturing organizations stay ahead of the digital curve through innovative technology solutions. Our automation, IoT, and embedded value engineering services help various factories and manufacturing concerns transform into ‘smart’. With our emerging technology and deep manufacturing domain expertise, we can help you achieve your business goals of cost reduction, improved quality, sustainability, and reliability. The best part? You can do it all without having to perform extensive overhauls to your existing processes or making excessive investments. Reach out to us at firstname.lastname@example.org to learn more.