Manufacturing is a key element in the growth of any country. The sector is witnessing a tremendous change through digitization of its processes. Some have even likened it to the Third Industrial Revolution. The key element in making manufacturing smarter is - The Internet of Things (IoT).
IoT, along with Big Data and M2M communications, fundamentally alters the traditional approach to manufacturing. While the legacy approach involved a sort of disconnect with the operational systems, adoption of IoT in manufacturing calls for a more open approach from companies. The technology will enable companies to collect data from devices/sensors and share with stakeholders and operational system part of the supply chain.
These connected machines will eliminate the need for intermediate operators and communicate within all the components of the manufacturing chain independently. IoT will also be used to identify gaps in the chain and deliver an optimized, smarter manufacturing process. This technology will connect the right people to the appropriate processes and provide various tools to these stakeholders. The data collected from devices can also power businesses with intelligence that can be used to make well-informed decisions.
Data management is a key element in smart manufacturing. The connected devices will transmit large amounts of data. Smarter companies will adopt Big Data processing tools, either through on-premise systems or opting for the cloud. The value lies in the intelligence derived from this data. Moreover, IoT systems are a lot more cost-effective than traditional systems. Due to efficient energy management, it is also a greener alternative to traditional operational processes. IoT will reduce the probability of equipment failure and help companies to manage their maintenance services well. Real-time data will empower manufacturers to resolve and identify issues, lessen the inventory load, improve asset utilization and reduce capital requirements.
IoT in manufacturing will disrupt this space for good. For manufacturing companies willing to embrace this technology, it requires a completely new mindset and approach towards systems and processes. Manufacturers willing to go through this transformation will reap rich dividends by way of reduced time to market, lesser cost of ownership, and newer opportunities for growth.
