Smart, connected products are growing exponentially. Global spending on Industrial IoT platforms for manufacturing is predicted to grow from $1.7 billion in 2018 to $12.5 billion in 2024. Additionally, 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.
The new game changing technology
Industrial IoT solutions combine 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. For example, intelligent devices on the manufacturing floor can collect 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.
Industrial IoT Solutions
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. For instance, overall equipment effectiveness, direct material costs, product quality, just to name a few. Also, this comes 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. Then, managers can pinpoint where the issue is occurring. Next, a smart alert can trigger a service request to determine the root cause of a failure.
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. As a result, IIoT is automating collection of relevant data for assessing manufacturing plant risks. At the same time, it facilitates 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. Thus, IIoT solutions are becoming key to overcoming this challenge.
The future of Enterprise solutions
Clearly, IIoT is just getting started. As can be seen, improving operational efficiency through predictive analytics can minimize production outages. As a result, this can help to deliver customer insights that drive product improvements. In any event, 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 Enterprise and IIoT solutions can help you quickly prototype IIoT use cases. This will demonstrate to you and your investors how IIoT 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.