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The Internet of Things (IoT) is truly transforming the way we interact with physical devices. The world is filled with smart devices and machines that are all connected in one way or another. From revolutionising in-store experiences to supporting the manufacturing industry, IoT devices have a wide range of uses. IoT technologies have grown rapidly in recent years and it has extreme potential to continue to significantly enhance multiple industries around the world. Both the common consumer and large corporations can benefit from developments in IoT solutions for manufacturing.
At present, IoT seamlessly solves complex business issues across a myriad of different industries. Smart cities, healthcare, building manufacturing and the transportation industry have all seen immense development and benefits as early adopters of IoT technologies. In this article, we will dig deeper into the use of IoT and explore how the manufacturing industry can further take advantage of IoT. We have highlighted 4 key IoT solutions trends in the manufacturing space that you should know about.
What is IOT?
Before explaining in greater detail about how IoT can simplify our lives, we need to develop a clearer understanding of what it is. As the definition suggests, IoT devices are electronic devices that have been modified to interact with the external environment or with an internal state. Network-connected systems and devices are often targeted by cybercriminals. This is where secure IoT devices come to the rescue and ensure that your clients data remains safe and your business operations continue unimpeded.
Why should small and major businesses rely on Internet of Intelligence (IoT)?
#1 The more, the merrier
The first trend in this space is how the implementation of IoT is helping industries to develop ‘Smart Factories’. Many manufacturing companies are investing significantly more money on the implementation of IoT for the purposes of improving product quality and creating a more cost-efficient manufacturing process. Connected devices on the factory floor help to reduce accidents, alert employees to hazards and prevent unnecessary wastage of power and materials.
#2 Increased autonomy
Artificial Intelligence (AI) continues to develop for business use, with an increasing number of practical applications where it can be used. Artificial Intelligence creates more autonomously operating machines and devices that can apply intelligent learning to improve efficiencies in operations and the supply chain, or even help to automate complex decision making completely. AI can help you with:
- Collecting and interpreting big data from devices and machines
- Recognise patterns and provide recommendations based on these
- Optimising the manufacturing floor and provide revamping tasks
# 3 Predictive maintenance and analytics
In relation to the previously mentioned trend of growing AI adoption, machine learning algorithms and big data can help manufacturers to create predictive or condition-based maintenance based on real time analytics. AI and big data combined can recognise patterns in large amounts of data, which can support to identify upcoming faults in machinery and networks long before they occur. Your business can use these insights to make better decisions faster.
#4 Cybersecurity remains critical
With more devices and machinery being linked across the digital space, manufacturers who implement IoT solutions will need to address potential security issues to avoid security breaches which can bring down networks, expose customer data and bring reputational damage to the business.
A security system is only as strong as its weakest link, which means a business will need to assess every device that can be accessed for potential vulnerabilities. To avoid data breaches, you will need to implement additional security measures and invest more in a strong cybersecurity system.
How can IoT better business operations?
- Enhancing factory operations- Smart factories have the potential of improving performance by nearly 20 percent in the first year itself. This will also decrease operational costs.
- Maximise asset performance- Asset operations making use of predictive maintenance optimises asset reliability by around 20 percent and brings down maintenance costs by at least 25 percent.
- Create novel revenue sources- Operations that are IoT enabled offer ample opportunities to generate more revenue. Studies have revealed that seventy percent of companies/ organisations that invested significant money in intelligent operations has not only introduced multiple new products/ services but also unlocked promising revenue opportunities.
- Asset optimisation- Update industrial operations to be certain of business continuity along with APM (Asset Performance Management). Using AI solutions coupled with industrial robotics or digital twins is the way to unlock significant data for improving reliability, minimising chances of risk, and cutting down on maintenance funds.
- Digital manufacturing- Accelerate functional resilience with the help of smart manufacturing. Here are some of the facilities operations consulting offers businesses-
- IT-OT integration
- AI (Artificial Intelligence)
- Detailed diagnostics of factory performance
The future of IoT solutions for manufacturing
Smart manufacturing through the further development of industrial IoT technology will continue to define the future of manufacturing companies. If you want to improve your production process, you will need to keep your eye on new opportunities and trends in IoT solutions for manufacturing. Successful implementation and exploitation of IoT in manufacturing will likely also play a key role in determining future winners and losers.