The manufacturing industry is currently experiencing the fourth industrial revolution, with technological advancements such as the Internet of Things, artificial intelligence and robotics driving the industry's development. Research shows that global manufacturers will invest $70 billion in IoT solutions by 2024, and many manufacturers are implementing IoT devices to leverage predictive maintenance and sophisticated data analytics to improve productivity, availability and improve their business Products add value.
As of 2020, the number of smart devices has reached 31 billion and will increase to 75 billion by 2025, so it is important for enterprises to understand the way these devices transform traditional ways of working into dynamic connected systems. By leveraging the Internet of Things, IoT sensors can minimize challenges in manufacturing and throughout the supply chain.
improve security
Equipment failure is a key factor in safety incidents, with research finding that approximately 151 workers face an accident in the workplace every 15 seconds. Ultimately, one of the main ways IoT technology can help improve manufacturing safety is by increasing the amount of data and reducing the time required to obtain it. Instead of manually entering data, real-time data can be transmitted directly to the control room or appropriate area. By implementing artificial intelligence, data analytics can instantly notify employees of current or pending issues, streamlining processes. By analyzing data over time, potentially hazardous situations are detected in advance to ensure workers are wearing protective gear when necessary.
Improved inventory maintenance
IoT can positively impact the maintenance of inventory by effortlessly monitoring supply chains, providing companies with a clear view of their moving parts. IoT can accurately calculate supply and enable efficient tracking of products, preventing inventory slowdowns and shortages. Through IoT applications such as sensors, alerts can be sent when a product is low on stock. The power of real-time data means the opportunities are endless when it comes to optimizing inventory.
cut costs
Companies are realizing the potential to save money and profits by adopting IoT. Although the cost of implementing this technology is high, there are cost savings in the long run. IoT reduces costs by saving more than 12% on repair costs and reducing breakdowns by nearly 70%. It not only reduces equipment costs, but also saves labor costs. IoT frees employee resources from lengthy manual inspections by providing complete control around the clock. IoT gives organizations the opportunity to plan better to serve customers faster and more efficiently. In addition, cost savings can be achieved due to the ability to implement measures and predictive maintenance.
future
The Internet of Things is constantly improving communication and optimizing manufacturing processes. Microsoft recently announced that it is joining forces with the BMW Group to transform digital production efficiency across the industry through an IoT open manufacturing platform. With this, it is clear that many people are starting to take advantage of this powerful technology and as a result, they are increasing their productivity and efficiency and gaining a deeper understanding of their customers’ behavioral patterns and needs. However, there are still some obstacles to overcome, such as the lack of knowledge that some companies still have. Having employees trained in IoT and having experts in the field in-house will benefit businesses and give them the right tools to build a better future.