Manufacturing in IoT has become the core component for industrial transformation around the world. Experts are calling it the next industrial revolution (4.0) where the systems focus on the application of cyber-physical technology to track the physical processes and provide automated solutions based on analyzed data. Apart from consumer-based IoT applications, manufacturing in IoT has taken the lead in most industry-oriented counties located in the Asian Pacific and Europe.
In fact, it is one of the core themes that will be addressed during the 2018 IoT Solutions World Congress that will be held in Barcelona. A 2017 report by IDC data shows that the manufacturing industry spent close to £ 153 billion in 2016 on IoT applications, which is relatively higher than any other sector. Experts further predict that manufacturing is poised to maintain a leading position in IoT applications until the year 2020. Several reasons cause the manufacturing sector to be the leading industry in IoT applications. The first is that IoT deployments offer rapid returns and help manufacturers to realize competitive benefits, efficiency, automation and customer focus. Here are other benefits of manufacturing in IoT.
With IoT, manufacturers can maintain machine and equipment more proactively. Plant managers no longer need to rely on historical information to schedule maintenance but use real-time data to understand the maintenance needs of their equipment. IoT sensors generate relevant data, so users get acquainted with the needs of the machine instead of guessing. As a result, IoT applications help reduce waste drastically.
Timely and accurate maintenance translates into reduced downtime. This is because plant managers are alerted about the problem beforehand and repair or replace the parts before the machine breaks down. Faulty machines not only affect the production process but also lead to the loss of the ingredients used to produce the final product. For example, when an oven breaks down in the middle of baking bread or cakes, the plant manager is required to account for the lost production time and spoilt ingredients. IoT safeguards against such losses.
Improved Management of Inventory
IoT applications allow the monitoring of supply chain activities. The applications track inventory and monitor every item in stock to notify plant managers about significant deviations from the normal operations. This cross-channel visibility provides managers with actual estimates as to the work in progress, available input and the arrival time of new materials. As a result, supply is increased, and the shared costs in the value chain are reduced.
Optimization of Logistics
Industrial IoT provides real-time supply chain information by monitoring products, materials, and equipment as they flow along the chain. Effective analysis enables manufacturers to collect data and feed it to PLM and ERP systems. The connection between suppliers and factories creates interdependencies, effective manufacturing cycle times and the flow of material, which helps manufacturers predict problems.