Smart, connected products are growing exponentially. Global spending on IIoT platforms for manufacturing is predicted to grow from $1.7 billion in 2018 to $12.5 billion in 2024, a 40% compound annual growth rate (CAGR) in seven years, according to an IoT Analytics’ study. IIoT currently accounts for over 17% of the number of IoT projects worldwide.
IIoT: The new gamechanger
Industrial IoT or IIoT combines different technologies like machine learning, big data, sensor data, M2M communication, and automation. It makes a connected enterprise by enabling the interaction of networked sensors and intelligent devices on the manufacturing floor, collecting data to drive artificial intelligence and predictive analytics.
IIoT has the potential to improve visibility, boost operational efficiency, increase productivity and reduce process complexities for manufacturers. It’s a transformative manufacturing strategy that is helping improve quality, safety, productivity and enhancing customer experience.
How is IIoT transforming manufacturing?
The impact of IIoT in manufacturing can be clubbed under three key areas.
1.Improving operational performance
Manufacturers are implementing IIoT across their entire operations, deriving excellent operational intelligence in the process. This gives end-to-end visibility of the operation through real-time plant efficiency KPIs (overall equipment effectiveness, direct material costs, product quality, etc.) along with the ability to drill-down to the operator and equipment level.
With a centralized IIoT platform and analytics, data feeds from traditionally black-boxed legacy machines and equipment are easily accessible. IIoT analytics, when fused with machine-learning, identifies anomalies in asset health data easily to predict potential downtime, pinpoint where the issue is occurring, trigger a service request and determine the root cause of a failure to prevent future ones.
High-value industrial assets are further leveraging IIoT data with simulation using prescriptive digital twins for design improvements.
2.Ensuring safety and compliance
Compliance with Occupational Safety & Health Administration (OSHA) is a major concern for manufacturers. IIoT is automating collection of relevant data for assessing manufacturing plant risks and facilitating corrective actions as well as meaningful safety inspections.
3.Increasing flexibility and agility
Manufacturers need to be agile and flexible to meet the constantly changing demands of customers. Location tracking, remote control and monitoring of equipment and health check dashboards depicting data trends – all driven by IIoT solutions are becoming key to overcoming this challenge.
The future of IIoT
IIoT is just getting started. From improving operational efficiency through predictive analytics that minimize production outages to helping deliver customer insights that drive product improvements, IIoT is redefining the manufacturing sector. Through its unique combination of digital technologies, IIoT is leading the charge in defining Industry 4.0.
Bridgera’s Digital Twin and Monitoring solutions, can help you quickly prototype IIoT use cases that will demonstrate how it can add value to your manufacturing business. You will love the ease of deriving actionable insights through our customizable dashboards and self service reporting capabilities. Contact us to learn more about how we can help.