The internet of things (IoT) has changed the way we live and work in this 21st century. Almost everyone has connected devices in their houses like speakers, light bulbs, smart thermostats and virtual assistants we contact on our smartphones. Majority of the manufacturers have started investing in internet of things many years ago. The main objective was to become competitive, productive and efficient.
Accenture states that majority of the industries from manufacturing, automation, agriculture, utilities, gas and oil are using internet of things to connect the complete supply chain and gather data, driving predictive analytics and artificial intelligence (AI). Companies attain advantages from actual process monitoring and control. This is done by leveraging warehouses, logistic operations, vehicles and equipment of the manufacturing floors, connected devices and embedded sensors. This eventually makes them equipped with quicker and better informed decisions.
The technologies in the internet of things are starting to change the way products are created, produced and delivered. McKinsey predicts that factories will become very efficient. This is going to ensure enhanced safety for human operators, decreased interruption and lesser error rate that assist in saving huge amounts of money. In fact, companies look for the best IoT solution provider to get enhanced products.
Keeping this scenario in mind, we are presenting to you four ways IoT has transformed manufacturing.
1. Stock Management and Tracking: Devices and software stored in warehouses trace variations in stock via an automated system. This allows the companies to relocate staff to more important tasks.
2. Efficiency and Productivity: Internet of things devices connected to the network can talk to each other to increase automation. They can be controlled and monitored remotely by off-site and on-site personnel. In addition to this, companies can see opportunities for maximised business procedures by analysing different data gathered from IoT technology.
3. Remote Workforce: IoT technology is changing the recruitment of the manufacturing facilities. Majority of the operations in the past needed detailed staffing of technicians to maintain the machinery. However, now sensors give in-depth information to lesser workers, possibly even one person, to remotely see machine conditions.
4. Decision Making and Data Sharing: IoT has entirely changed the way data is managed. IoT devices trace and record patterns in devices, carrying actual data that can be given and taken across the supply chain to implement fact-based decision making.
IoT is providing opportunities to maximise the business operations that enhance the profitability. However, it needs a preliminary investment in devices and relevant technological infrastructure. It is important that companies start any IoT positioning with a plan created in the context of the way operations can leverage these resources. Probably, companies require resources to recruit people with experts’ skills to upkeep their devices that are equipped with IoT. This will assist them to analyse and manage the data being produced.
Now the question arises, is IoT worth time, money and personnel? The answer is, yes to some extent. It depends on the efficiency level of your organisation. It is a requirement to upgrade obsolete technology and derive decreases in expenses. The Internet of Things can provide return on investment (ROI) by saving time and cost in the long term. This will give those data better informed business decisions. This will also assist the companies to work smarter, allowing technology to perform efficiently in manual processes. This will also decrease the risk joined with failure of legacy equipment.
This shows that the significance of the internet of things cannot be overlooked. The manufacturing organisations tend to make their processes efficient. In fact, companies are looking for IoT solution providers to enhance the profitability of their projects.
Stephanie Caroline Snyder graduated from The University of Florida in 2018; she majored in Communications with a minor in mass media. Currently, she is an Author and a Freelance Internet Writer, and a Blogger.