Accelerating IIoT Initiatives Through an Ecosystem Approach | SPONSORED
IIoT and smart manufacturing ecosystem initiatives can be major projects involving millions in custom development and integrations, years of work, and collaboration across all levels and departments of an organization.
However, the result of such an approach is often a large, bulky, difficult-to-implement IoT “initiative” with no actionable use cases to speak of. Aside from the typically high failure rate of these IIoT projects, an unprecedented pandemic only exacerbated the problem.
The question this begs asking: Why invest in digital transformation initiatives at the corporate level when you still don’t have usable data from the factory floor?
The Smart Manufacturing Ecosystem
Manufacturers should be encouraged to rely on the unique expertise and capabilities of their ecosystem to ensure rapid and continuous value creation. After all, the key to accelerating industry 4.0 initiatives is for everyone to allocate their resources correctly to what they do best.
For most manufacturers, digital transformation should start with capturing insights from the heart of manufacturing operations- which are the machine assets that make these products and people that run them. These assets likely represent the largest capital expense for any manufacturing organization, and are producing thousands of data points every second. Yet this data is not being captured or analyzed to improve efficiency, stifling continuous improvement. Factories of today are still consumed by manual processes that lead to massive inefficiencies that affect every component of the organization. This is evident in the MachineMetrics benchmarking report that states that the average machine utilization rate is less than 30%.
Using ecosystems to accelerate smart manufacturing
The data, and the insights (and actions) driven from this data, can provide the foundation for manufacturers to grow their business and differentiate themselves competitively. In fact, it is highly probable that the inefficiencies that exist at the machine level are the lowest hanging fruit to creating massive business impact not to mention the catalyst for driving many future automations.
About the Author
This article was written by Graham Immerman, the Vice President of Marketing for MachineMetrics, a venture-backed manufacturing analytics platform. Graham has quickly become an authority on digital transformation and the application of IIoT technology for the manufacturing industry.
Learn more about how manufacturers can benefit from IIoT initiatives at IIoT World’s Manufacturing Day on December 8, 2021. The first 500 tickets are free, so register today.