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Disruptive technologies are emerging at a breakneck speed and changing the characteristics of businesses by making them smart. The aim of this paper is to show how industries can use Smart Management System (SMgS) to be competitive in the 21st century. Internet of Things (IoT) will be the key to connecting and communicating among different parts of the smart industries using sensor-like devices, and big data will be continuously collected and analyzed to improve performance. The SMgS will generate new possibilities for better product design, improved qualities, agile supply chain, and enhanced customer satisfaction. It will also help industries to achieve lean and sustainable systems with fewer efforts than traditional approaches. We demonstrate how early adopters have already implemented IoT and are currently generating big data. These efforts have resulted in significant improvements in streamlining their operations. The advantages of IoT and big data applications in different sectors are discussed here with several examples from the industry leaders. The reasons behind why many companies are still waiting to adopt IoT despite being enthusiastic about it are also suggested. Embracing SMgS is crucial for companies to gain a differential competitive advantage in the era of Industry 4.0.
Roy et al. (Fri,) studied this question.
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