The evolution of advanced technology has started to impact the manufacturing process and supply chain. This is marked as the beginning of a new era by industry leaders. The fourth industrial revolution is almost here and a new wave of technologies like IoT, AI, RPA has started to shift the mission-critical processes of manufacturing, helping in supercharging the production efficiency and sales.
According to a survey published in Business Insider, investment in IoT by manufacturers will translate to billions in spending and this is estimated to be around $70 billion in IoT solutions in 2020. That’s up from $29 billion in 2015.
A huge benefit with an IoT solution is its ability to connect assets, processes, systems, and people.
Realizing that automating the processes, engaging employees and managing data can deliver better outputs, the manufacturing industry has started embracing digital transformation technology.
Let’s dive deeper into the discussion to find out how adopting to IoT technology can enhance manufacturing performance and efficiency.
1. Simplifies manufacturing operational processes
Manufacturing involves lots of tiresome human work and processes. Each process needs to be monitored and managing multiple processes in a day-to-day process is backbreaking. Process delays, inefficient process management or human errors can crush productivity, resulting in dismal sales.
With IoT-enabled sensors, managing different processes becomes seamless. Pulling analytics data, which is highly accurate for weighing the efficiency of the processes, becomes effortless. The insights gained can be utilized in improving the process further for achieving better results.
2. Helps in managing asset and equipment failure
IoT sensors are powered with self-diagnostic abilities, which enables the tool to identify the asset problems or mishaps and communicate the same to avoid further damage or device downtime. So, in short, it plays a meaty role in preventing the problem even before the issue starts which in turn saves time and money.
IoT-implemented devices in manufacturing premises help with predictive analysis to perform vital notifications to decision makers before an unplanned event happens. By this way, manufacturers can save on equipment costs and failure.
3. Streamlines supply chain process
Connecting the production line to suppliers makes the overall process cycles complex and challenging, as all stakeholders have to understand interdependencies and function accordingly. It leads to production inefficiency.
With an IoT system in place, the supply chain process can be made simple and seamless with location tracking, remote inventory monitoring and automatic reporting of materials consumed.
4. Ensures protection and employee safety
Employees working in the heat intense environments of manufacturing companies often face hazardous conditions and at times this can even be threatening. An IoT-enabled environment will help monitor these places constantly to ensure the employees contact the respective departments instantly and get the necessary first aid or treatment on time.
Also, detecting abnormal environment changes due to heat can be determined and fixed on-time before the condition worsens.
IoT in manufacturing – here are some of the common benefits the industry is relishing in with IoT adoption.
- Connect systems, machines, and people and amass in-depth manufacturing insights
- Improve decision making with huge volumes of data collected from machinery
- Automate workflows by connecting processes, systems, and devices to improve process efficiency and to reduce human involvement
- Manage devices or equipment across remote locations where minimal human interventions possible
- IoT sensors help in providing insights on power use and balancing energy utilization during peak times; this cuts down costs for the industry
- Analyze with IoT sensors to find out the quality and efficiency of machines to bring down the downtime and fix machinery problems if any on-time
In the future, the manufacturers must deal with more and more data and complex process cycles. Adopting to IoT technology will enable the manufacturers to elevate the performance, productivity, and efficiency to next level.