The Internet of Things and the Industrial Internet of Things are changing manufacturing. The Internet of Things in smart manufacturing tackles the growing demand for product customization and changing customer expectations.
According to a survey, 86% have adopted IIoT solutions and 84% have found them very effective.
IIOT increases productivity, efficiency, and it gives you a competitive advantage. This has led to an increase in IIoT investment ($1.67 billion), which is expected to grow tenfold by 2024.
The Internet of Things in smart manufacturing is a big deal. Since the manufacturing industry has spent more than twice as much as the transportation industry, its expenditure is much greater than that of any other industry.
Aspects of Internet of Things in Smart Manufacturing:
Lower Manufacturing Costs
Combining minimized machine downtime with several factors (efficient energy use, agile operations and supply chain management) will help to lower the manufacturing costs. Experts expect IoT devices to have an impact of trillions of dollars in the manufacturing sector by 2025.
Capabilities for Mass Product Customization
When using these solutions, manufacturers will be able to develop products that are tailor-made for their customers’ needs. The accommodation of mass customization will eventually lead to a more complicated inventory management. IoT solutions help to lower this complexity by linking previously isolated parts of the production process, giving way for production to scale up and down easily. Using these solutions can help to find changes in demand and to forecast production. Many believe IoT solutions will allow us to get to know better customer preferences.
The majority of IoT spending will come from discrete manufacturers because these solutions will provide them with data that will allow them to innovate and manage complex production cycles a bit more efficiently. This will lead to increased profitability and operations. Discrete manufacturers will be able to provide production runs with shorter notice due to the reduced production cycle.
In addition, discrete manufacturers will switch to predictive maintenance and continuous monitoring. This will reduce downtime and increase efficiency.
Manufacturing Industry Security and Safety Enhancements
Manufacturing is a high-risk industry, since it has recently been ranked as the most vulnerable industry for cyberattacks, cybersecurity and safety at work are two of the top concerns. Manufacturers consider security to be the most essential feature when it comes to the adoption of Internet of Things in smart manufacturing.
The great part about it is that IoT devices can monitor workers’ health and track dangerous activities in hazardous environments. They can also reduce accidents by collecting data like location, heart rate and temperature or reporting on gas leaks. IoT solutions that address safety concerns could help companies save billions on medical and injury costs.
Enhanced Visibility to the Supply Chain
End-to-end visibility seems to be a distant goal, however, IoT technologies can accelerate this process. IoT will give visibility into the field operations, the manufacturing supply chains, remote operations and outsourced operations, something which was not possible before.
The combination of supply chain and IoT technology can give extra information about products, such as: location during transit, properties and stock levels.
