The rebound in demand, from a decline in consumer spending to a surge following the pandemic, caught many manufacturers off guard. The Wall Street Journal reported that while U.S. consumer spending on durable goods increased by 6.4% in 2020, production of these goods fell by 8.4%. What can help exhausted manufacturers in the coming months? Digital threads providing end-to-end connectivity are becoming a reality.
The interconnectivity of devices, equipment, and all their associated operations provided by the Internet of Things (IoT) is taking over today's manufacturing operations and playing a transformative role in industries around the world. This is crucial as our global economy grapples with an impending surge in post-COVID-19 consumer spending and a historic labor shortage.
The Industrial Internet of Things (IIoT) is the application of the Internet of Things (IoT) in factories and process facilities, elevating efficiency, reliability, and performance to a new level. It operates based on the concept of a feedback loop, where the operational status of machines, equipment, and production systems is continuously fed back to the complex systems and processes that produce finished goods. IIoT can offer manufacturers new business opportunities, cost savings, and improved machine monitoring and maintenance. IIoT solutions have already provided countless benefits to modern manufacturers.
Here are 9 advantages of deploying Industrial IoT:
Production system sensing and monitoring: The core of an industrial IoT solution is continuous communication between systems and machines to ensure optimized throughput and real-time identification of machine defects.
Manufacturing process optimization: Machines and equipment equipped with sensors and managed through an Industrial Internet of Things (IIoT) system can monitor conditions, equipment, and workflows, such as machine performance, assembly line management, supply chain optimization, workforce safety, or quality assurance processes, for optimization purposes.
Predictive maintenance: Over 75% of equipment and system failures occur without notice. Through the Industrial Internet of Things (IIoT), preventative maintenance combines analytics to predict equipment failures.
Optimize quality: It can immediately resolve issues on the production line, reducing downtime, lost productivity, and product defects. Industrial IoT devices are programmed to monitor material quality, analyze equipment performance in real time, and measure and test finished products.
Inventory and Supply Chain Management: Data, analytics, insights, and contextual intelligence enable inventory systems to operate seamlessly, allowing for more accurate estimates of the expected arrival times of available materials, work-in-process, and new materials. This helps optimize the supply chain and reduce costs.
Customer service levels and satisfaction: Sensor-equipped production systems and inventory enable customers to monitor their order progress in near real-time. Sensors provide insights into customer usage, helping manufacturers improve functionality, alert customers to problems and bottlenecks, and differentiate themselves from the competition.
Worker Safety and Health: Smart wearable devices enable managers to monitor the health and safety of production workers by tracking historical records of illnesses and injuries, absences, near misses, mechanical or vehicle accidents, or life-threatening events such as gas leaks.
Energy management and sustainability: Industrial manufacturing consumes 54% of the world's electricity. Manufacturers using the Industrial Internet of Things (IIoT) can significantly improve energy efficiency by optimizing energy consumption.
Service contract compliance and performance: Industrial IoT supports real-time data visibility, so both equipment manufacturers and users can detect risks and problems as they arise.
