The Industrial Internet of Things (IIoT) is no longer a futuristic idea for companies around the world. More and more, it’s the way business is done. The manufacturing sector is no exception.
For companies that make parts, components, and other products, the IIoT is integral to creating smart factories that leverage high-speed communication and computing for real business impact. Leading companies around the world are using the IIoT to bring operational technology (OT) and informational technology (IT) together for the first time. By creating a universe of connected things, they are able to:
• Collect and analyse data more effectively
• Optimise their business practices
• Improve their customer experience
• Drive new revenue streams
For companies that manufacture smart connected products for end users, IIoT, through the delivery of real-time performance data, fundamentally changes the ways that products are designed, serviced, supported and sold. Ultimately, the IIoT presents an enormous opportunity for manufacturers—not simply to digitise and grow their operations, but to transform their business. The IIoT enables manufacturers to stay competitive and take full advantage of new and emerging opportunities in the market today.
The IIoT allows manufacturers to leverage the power of connected things to stay more closely connected to their operations and their products deployed to the field. Using technologies such as big computing and advanced analytics, manufacturers can better understand equipment or product usage; when and how a part will wear out; and how to optimise equipment to perform better. Add a global cloud platform to the equation, and manufacturers can scale both production and monitoring around the world quickly and easily.
The IIoT gives manufacturers a level of access, perspective and knowledge they’ve never had before. By connecting products, people and things through IIoT technologies, companies can tap into terabytes of data and extract the deep insights they need to:
• Streamline operations
• Make more informed business decisions
• Predict customer preferences and behaviours
Ultimately, the universe of connected things—and the data it yields—gives manufacturers the clear, multi-dimensional view they need to develop high-value service .
Manufacturers who have implemented IIoT technologies are seeing the impact on their bottom line.
The IIoT can help manufacturers reduce production costs and eliminate inefficiencies. More importantly, today’s leading-edge technology can support an end-to-end approach that drives new business models and revenues. In fact, even companies in traditionally low-growth industries are achieving growth rates in areas of their business that utilise IIoT technologies.
Real-time visibility into operations provides manufacturers with the flexibility and agility they need to get products to market faster. With direct insight into their systems, manufacturers can avoid disruptions such as unnecessary equipment downtime, giving them the ability to truly maximise throughput. Factory managers can also leverage the IIoT to accelerate decision making and problem solving, which results in speedier production times.
Manufacturers must work harder—and do more—to win a customer’s brand loyalty. Today’s customers expect more from the products and services they buy and are constantly seeking out the newest, fastest, and most cost-effective solution. Through IIoT technologies, companies gain the insight they need to keep pace with customers’ changing needs and preferences. In addition, by building on an intelligent, scalable platform, they can create the kind of customer-focused solutions and experiences that drive brand loyalty.
According to the American Society for Quality, manufacturers that connect devices using the IIoT— and analyse the data generated by this connectivity—are better able to reduce overhead; conserve resources; and optimise throughput. In fact, 82% of companies that have digitised their operations via the IIoT have increased operational efficiency and improved product quality (with 49% fewer defects).
The enterprise benefits of monitoring smart connected products in the field include:
Monitoring the performance of equipment deployed to customers via automatic status notifications can have immediate benefits. By collecting and analysing the appropriate data sets, service teams can move toward predictive maintenance, where service costs can be significantly reduced. Ultimately, this proactive approach will result in end users never having to initiate service requests since their systems will never be down on an unscheduled basis.
Data insights not only enable optimisation of service costs while minimising downtime, but uncover opportunities for sales of new/different equipment and consumables based on usage. This can significantly inform how products are designed and empower advanced, outcomes-based business models such as “Product as a Service.”
For many manufacturers today, leveraging the power of the IIoT is not a matter of “if,” but “when.” If your company is ready to evolve and advance, now you have the opportunity to put the power of two industry leaders behind you.
Contact us for more information on how InVMA can help bring the IIoT to life for your organisation.
The Industrial Internet of Things (IIoT) has been described as the fourth industrial revolution. Like steam, the production line and information technology before it, the convergence of cyber and physical systems has the ability to utterly transform how factories operate. Find out: