THANK YOU FOR SUBSCRIBING
The Industrial IoT platforms help manufacturers look at the data in an easy-to-comprehend, human, actionable way.
FREMONT, CA : Businesses in every industry are reaping enormous benefits from IoT technology, and the industry's growth reflects this trend. According to McKinsey & Co, the Internet of Things will have an $11.1 trillion economic impact by 2025. Data collected from IoT devices is still increasing at a rapid pace. Cisco estimates that by the end of 2021, data collected from IoT devices will have surpassed 800 zettabytes.
How IoT devices help companies can be broken down into two categories: saving money and earning money. For example, IoT can generate revenue when it allows a company to add a subscription model to their offerings, creating repeat revenue.
Depending on the industry, IoT lowers costs in different ways. IoT saves money in the manufacturing industry by reducing overall maintenance costs through predictive maintenance principles, improving worker safety during training and repairs, bridging the gap between floor workers and executives. It can also detect and address production problems and providing insight into future changes and opportunities before the money is invested towards action. Here are some of the examples of specific cost-saving cases of IoT in manufacturing.
Attention to Minute Details
The technology that encompasses maintenance predictions is defined as machine learning, and it is a subset of artificial intelligence (AI). Combining IoT and machine learning in manufacturing to create a "digital twin" is one way to earn maximum efficiency. A digital twin is a type of simulation that considers the past behavior of the machine and its present state to predict its future behavior.
The ability to predict future behavior through this channel reduces catastrophic disruption and overall maintenance costs while increasing production efficiency. Design, employee training, and worker safety can benefit digital twins, particularly when combined with other technologies like virtual and augmented reality.
Empower, Involve, and Protect the Shop Floor Workers
It's not unusual in the manufacturing industry to have a communication gap between factory employees, executives, and analysts because they are presumed to work in separate "ivory towers." It may mean that the company is missing out on essential data, and the employees are less invested in its success.
Workers on the floor will provide human input combined with the rest of the data using MachineMetrics IoT solutions. Operators can add human context to machine data using touchscreens on factory-floor equipment that will help bridge the gap between job roles and offer a more profound understanding of a variety of previously undetected problems.