Ten benefits/advantages of IIoT and analytics for manufacturers
Today’s manufacturers must operate at breakneck speed to keep pace with ever-changing customer demands, market trends and global competitors in a rapidly evolving marketplace. Yet many traditional challenges, such as increasing costs, unplanned downtime, quality control (QC), evolving business requirements and aging infrastructure, continue to hamper progress, but the benefits of IIoT impact everything.
Advantages of IIoT
Unplanned downtime from equipment breakdowns, unforeseen bottlenecks, supply chain disruptions, labor shortages or changing customer orders can idle assets, resulting in loss of production time and revenue.
As the manufacturing sector moves from mass production to mass customization, QC is becoming increasingly complex. Even the most minor variations in production can negatively affect quality, leading to widespread recalls, costly lawsuits, consumer mistrust or exorbitant warranty expenses. And production line irregularities can produce enormous waste.
Legacy systems based on proprietary or outdated technologies can’t be integrated with new applications without costly customizations, thereby limiting their extended functionalities. In addition, legacy systems can be expensive to maintain and can divert resources from more-innovative initiatives. One of the biggest benefit of IIoT is the capability to automate and to optimize production in an efficient way.
In response, manufacturers are turning to IoT technologies that combine manufacturing assets with embedded sensors, advanced analytics, AI and cognitive computing. The goal is to generate digital intelligence across the entire value stream and, as McKinsey notes, create “processes that govern themselves, where smart products can take corrective action to avoid damages and where individual parts are automatically replenished.”
Ten Benefits of IIoT
By harnessing IoT and advanced analytics technologies, manufacturers can:
- Increase productivity and uptime.
- Improve process efficiencies.
- Accelerate innovation.
- Reduce asset downtime.
- Enhance operational efficiency.
- Create end-to-end operational visibility.
- Improve product quality.
- Reduce operating costs.
- Optimize production scheduling.
- Improve overall equipment effectiveness (OEE).
IoT applications in factory settings have the potential to create as much as $3.7 trillion in value per year in 2025, according to a report from the McKinsey Global Institute.
Learn more about:
- The 4 M’s of Manufacturing (Man, Machine, Materials and Method)
- Sullair Case study focusing on real-time monitoring of critical assets for fast response
- How to maximize performance of critical assets using IIoT
- Four steps a manufacturer should adopt for a successful digital transformation program
- Case study: Daicel
- Types of advanced analytics that can aid manufacturers
- New business opportunities using IIoT and analytics