Introduction to Smart Business Strategy 251

additive manufacturing

AM. The process of joining or solidifying materials to make an object based on a three-dimensional computer model. Additive manufacturing methods typically build up layers of material to create an object.

AIT

AIT. Any method used to recognize objects, collect data about them, and record that data in computer information systems without direct human intervention. AIT includes bar codes, radio-frequency identification, biometric identification, and optical character recognition, among other methods.

artificial intelligence

AI. A computer program with algorithms that function as behavioral rules, allowing a machine or computer to imitate intelligent human behavior. Artificial intelligence is able to discern and learn from its experiences in order to make optimized decisions during the operation or for subsequent processes.

automate

Using mechanical systems that operate with limited human interaction. Computer programs can be used to automate a manufacturing process.

automatic identification technologies

AIT. Any method used to recognize objects, collect data about them, and record that data in computer information systems without direct human intervention. Automatic identification technology includes bar codes, radio-frequency identification, biometric identification, and optical character recognition, among other methods.

backup

An extra copy of data from a computer. Backup may be used to restore original information after a data loss event.

bar codes

A technology that uses geometric patterns to automatically identify objects. A bar code is read by an optical scanner.

blockchain

A growing list of digital records, called blocks, that are linked. Blockchain technology is a decentralized, distributed ledger that records the origin of a digital asset.

CAD

Computer-aided design. A computer system used to design a model of a product. Computer-aided design models are converted for use by additive manufacturing machines.

cloud computing

The practice of using software and storing data on remote servers that can be accessed through the internet. Cloud computing makes it possible for manufacturers to store data without their direct, active management.

computer-aided design

CAD. A computer system used to design a model of a product. CAD models are converted for use by additive manufacturing machines.

connectivity

The capability of computer systems and devices to share information across networks. Connectivity is a key aspect of digital manufacturing.

counterfeiting

Imitating fraudulently. Counterfeiting involves making an exact imitation of something valuable with the intention to deceive or defraud.

cybersecurity

Protection against criminal or unauthorized access to computer networks, programs, and data. Cybersecurity has become a major industrial concern as networking and connectivity have increased.

data

A collection of numbers, facts, and information about a process or product. Data can be created, communicated, and recorded by sensors in smart objects.

decentralizes

Move parts of a larger entity away from a single administrative center to other locations. Decentralization allows for elements of the supply chain to be spread out in different locations.

digital thread

An integrated view of all the data and information about an asset or product throughout its lifecycle. The digital thread connects information from all aspects of a product into one seamless network.

digital twins

A virtual representation of a physical asset or part. A digital twin evolves with the asset throughout its product lifecycle.

edge computing

The practice of using software and storing data on multiple local devices located at the data source. Edge computing distributes processing tasks across multiple edge devices at the data source.

end-use

Designed to be used directly by a consumer or directly in another manufactured product. End-use products created by AM include medical implants, custom dental devices, and camera equipment.

IIoT

The Industrial Internet of Things. A network of smart industrial machines and devices. The IIoT is a network of smart industrial technology and the manufacturing-specific part of the overall Internet of Things (IoT).

Industrial Internet of Things

IIoT. A network of smart industrial machines and devices. The Industrial Internet of Things is a network of smart industrial technology and the manufacturing-specific part of the overall Internet of Things (IoT).

Industry 4.0

A stage in manufacturing that uses connected devices and digital technologies. Industry 4.0 uses automation and digital exchange to achieve advancement in a variety of industries.

Internet of Things

IoT. A network of devices that contain sensors that allow them to send and receive data. The Internet of Things is the network on which devices other than computers exchange data.

inventory

A quantity of goods held in stock. Inventory refers to raw materials, partially finished products, and finished products prior to sale.

lead times

The time spent between the original customer order for a particular product and its final delivery to the customer. Manufacturers try to reduce lead time to improve customer satisfaction.

lifecycle

The entire timeline of something. In manufacturing, lifecycle includes part design, machine setup, production, quality, and end of life.

machine learning

ML. The process that enables a digital system to analyze data in order to build predictive models and make decisions autonomously. Machine learning is a key benefit of Industry 4.0.

machine tool

A very general term for any powered machine that is used to manufacture parts by guiding a tool. Common examples of machine tools include the saw, the drill press, the lathe, and the mill.

machine-to-machine

M2M. The transfer of data between machines and the internet without human interaction. Machine-to-machine communication relies on sensors.

node

Any system or device connected to a network. For example, if a network connects a file server, a computer, and a printer, there are three nodes on the network.

prototype

A part model made to represent the composition and design of the final part. Prototypes are used to test how a part will perform in its intended application.

radio-frequency identification

RFID. A technology that uses electromagnetic fields to automatically identify and track tags attached to objects. Radio-frequency identification requires a scanner and a tag.

real-time

The near-instantaneous interval of time that computers require to process data. Real-time is virtually the same as actual time because computers process data nearly immediately.

regulations

A rule or directive made and maintained by an authority. Regulations can be set by governmental agencies and industry organizations.

return on investment

ROI. A performance measure used to evaluate the efficiency or profitability of an investment. ROI is the benefit of an investment divided by the cost of the investment.

RFID

Radio-frequency identification. A technology that uses electromagnetic fields to automatically identify and track tags attached to objects. RFID requires a scanner and a tag.

sensors

A device within a device that detects a physical stimulus and turns it into a signal that can be measured and recorded. Sensors in smart devices make it possible for machines to communicate digitally.

Smart sensors

A device equipped with software that can detect physical inputs, process them as data, and output digital signals. Smart sensors are more advanced than normal digital sensors since they can process data internally rather than simply sending digital signals to an external system to be processed.

smartphones

Devices able to connect to and send data across the internet. Smartphones can track performance without human intervention.

smartwatch

A mobile device with a touchscreen display, designed to be worn on the wrist. A smartwatch is a kind of wearable technology.

stakeholders

Any person or group that has an interest in an organization. A manufacturer's stakeholders include employees, investors, suppliers, and customers.

supply chain

A complex network of companies and suppliers that produce and distribute a product. A supply chain consists of a company, its suppliers, its distributors, and its customers.

three-dimensional

3D. Three-dimensional. Having a length, depth, and width. Three-dimensional space is represented by three linear axes.

total cost of ownership

TCO. The purchase price of an asset plus the costs of operation. Total cost of ownership helps assess the value of an investment over time.

traceability

The ability to verify the history, application, or location of an item using data. Traceability throughout the entire product lifecycle can be ensured by the data from automatic identification technology.

virtual

Existing on or simulated within a computer program or system rather than physically existing. Virtual representations of real-world objects are known as digital twins.

wearable technology

A category of smart devices that people can wear on the body. Wearable technology can track and transmit data created by personnel.