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How will IoT lead the transformation in the manufacturing sector?
Employing big data and IoT in the field of manufacturing is bringing about a big change in the industry. Being able to access all the information during product manufacturing has provided the manufacturers with greater control over the process. The rate of investment and long-term benefits of IoT are also at a breaking even point. The manufacturing industry, the biggest spender on IoT, is estimated to invest about $189 billion on this technology in 2018 alone.
Most of the IoT devices are scalable, have end-to-end integration capabilities which cover on-premise, legacy, and cloud systems and platforms. But most importantly, most of these IoT platforms are customizable, which allow the manufacturers to monitor and decide exactly what information is needed.
Implementing IoT into product manufacturing will allow a greater understanding of the processes, help make informed actions, and will even enable organizations to obtain predictions. Predictive maintenance has proved to be a motivation for manufacturers to employ IoT in the manufacturing process, with IoT users reporting 30% gain in efficiency. IoT Analytics, in its recent research reported that the market for predictive maintenance applications will expand from $2.2 billion in 2017 to $10.9 billion by 2020.
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Data plays a crucial in operational efficiency in manufacturing setups and it can be collected from any part of the process for scrutiny. Diagnostic data allows the manufacturer to keep track of the health and efficiency of the entire manufacturing ecosystem which leads to better-designed supply chains, efficient use of energy, manpower, and materials. Three basic steps can help manufacturers adopt this technology. Manufacturers should first find out whether their systems are compatible with the IoT systems or not and should thereafter make note of the problematic areas that need monitoring. They then need to double check if their choice of IoT platform provides the capabilities they need.