IoT in manufacturing

Internet of Things (IoT) is a way of digital conversion in production. Industrial IoT uses a sensory network to collect important production data and uses cloud software to make this data important information on the efficiency of production operations.

Here are few ways IoT impacts the manufacturing industry

Cost reduction

It assists inefficient operation and inventory management, reduces machine downtime, and energy efficiency. Companies reduce operating costs and create a new source of revenue.

70% of companies are confident that the implementation of IoT can reduce costs and improve productivity.

According to Deloitte, forecasting solutions based on Industrial IoT are expected to reduce the cost of factory equipment repairs by 40% and generate an economic value of $ 630 billion annually by 2025. The solution leads to IoT adoption - 55% of businesses are at least experimenting with expected maintenance projects. 

Improving safety

IoT ensures safety in the working environment. Combined with wearable devices, the IoT allows you to monitor the health status of employees and hazardous activities that could lead to injury. As well as ensuring the safety of workers, IoT addresses safety issues in potentially dangerous areas. 

McKinsey predicts that IoT applications in production are expected to generate $ 1.2 to $ 3.7 trillion in annual economic value by 2025.

The BSquare IoT Maturity Survey reports that 86% of manufacturers have already adapted IoT solutions, and 84% of them find that IoT works very well.

Improving visibility

IoT helps manufacturing companies to get better visibility for resource requirements. They can build dashboards that show plant details, safety, efficiency, and restoration.

Reduce Errors

It helps to identify and avoid issues that could cause delays. Also empowers managers to better allocate resources, improve staff capacity and make the workplace safer. Also Helps in Fast and efficient production and supply operations allow to reduce the product cycle time.

Automation

The biggest advantage of IoT is that it gives producers automatic power, thus increasing their efficiency. Automated robots and machines can work efficiently and accurately, improve productivity, and help manufacturers simplify their operations. This allows manufacturers to have a better understanding of the performance of the pieces of each machine.

Industrial IoT helps manufacturing businesses grow productivity by saving production time, reducing costs, and eliminating waste. Using IoT data, manufacturers gain a better understanding of production and delivery processes, improve demand forecasting, get faster marketing time, and improve customer experience.