To improve efficiency in factories, manufacturers are using smart technology. Many companies are still in the initial stages of adopting smart technologies.
Many people find that starting a smart-manufacturing initiative is costly, labor-intensive and time-consuming. Integration of multiple technologies is a common problem for manufacturers.
Cloud appshelp manufacturers reduce costs and speed up project completions. We’ll be looking at how smart technology is helping manufacturers to realize more opportunities and best practices for efficient implementations in the sections that follow.
The Smart Factory Opportunity
Smart factories could add up to $500 billion to the global market over the next five-years. According to a new report , smart factories can produce more at lower prices.
Manufacturers expect smart technology to lead to a sevenfold increase of annual efficiency gains by 2022. Smart technologies could help businesses double their operating profit or margin.
Smart factories improve quality and consistency.
Streamlined, automated data: Smart technologies automate data gathering and provide advanced production analytics to managers so they can make better decisions. A smart operating system allows manufacturers to tie their operations technology to business systems in order for them to track their key performance indicators against their business goals.
Predictive Maintenance: With greater visibility, manufacturers are able to predict and fix maintenance issues before they cause downtime or affect product quality. So, for example, sensors attached to devices may transmit real-time condition monitoring or repair data, allowing manufacturers to identify issues more quickly.
Significant price cuts: When their enterprise systems and operations are connected, manufacturers can identify waste and improve forecast accuracy. They can gain greater insight into supply chain issues such as stock levels, delivery status, and demand cycles.
This information will allow them to reduce inventory and manufacturing costs.
Reducing workforce challenges: Automation helps manufacturerslaunch projects and complete them with fewer employees. Employees can focus on their core tasks by having real-time data access across multiple platforms. This allows manufacturers to invent faster and without having to invest in additional resources.
Enhanced productivity Smart, connected systems help factories increase throughput. Manufacturers have seamless visibility into machine performance and bottlenecks in a connected enterprise. Manufacturers can adjust their production to improve yields, quality and reduce waste using this data.
IoT Integration and Implementation
The Web of Things (IoT) is the foundation of smart manufacturing. IoT-enabled devices send performance-related data via sensors to a community. Many manufacturers have struggled to create IoT applications and integrate them into different business applications during the early adoption phase.
Recent surveys have shown that digitally mature companies use the following best practices to overcome these problems:
- According to 85%, they use consulting firms for help in building a business case or roadmap.
- 67% of respondents say they work with technology providers to conduct feasibility studies
- 63% of respondents use end-to–end tech solutions