Ten benefits/advantages of IIoT and analytics for manufacturers
Today’s manufacturers must operate at breakneck speed to keep pace with ever-changing customer demands, market trends and global competitors in a rapidly evolving marketplace. Yet many traditional challenges, such as increasing costs, unplanned downtime, quality control (QC), evolving business requirements and aging infrastructure, continue to hamper progress, but the benefits of IIoT impact everything.
Advantages of IIoT
Improve Production
Unplanned downtime from equipment breakdowns, unforeseen bottlenecks, supply chain disruptions, labor shortages or changing customer orders can idle assets, resulting in loss of production time and revenue.
More about The actual cost of downtime in the manufacturing industry
Tame Complexity
As the manufacturing sector moves from mass production to mass customization, QC is becoming increasingly complex. Even the most minor variations in production can negatively affect quality, leading to widespread recalls, costly lawsuits, consumer mistrust or exorbitant warranty expenses. And production line irregularities can produce enormous waste.
Find Flexibility
Legacy systems based on proprietary or outdated technologies can’t be integrated with new applications without costly customizations, thereby limiting their extended functionalities. In addition, legacy systems can be expensive to maintain and can divert resources from more-innovative initiatives. One of the biggest benefit of IIoT is the capability to automate and to optimize production in an efficient way.
In response, manufacturers are turning to IoT technologies that combine manufacturing assets with embedded sensors, advanced analytics, AI and cognitive computing. The goal is to generate digital intelligence across the entire value stream and, as McKinsey notes, create “processes that govern themselves, where smart products can take corrective action to avoid damages and where individual parts are automatically replenished.” Find more about the impact of iot in manufacturing industry.
Ten Benefits of IIoT
By harnessing IoT and advanced analytics technologies, manufacturers can:
- Increase productivity and uptime.
- Improve process efficiencies.
- Accelerate innovation.
- Reduce asset downtime.
- Enhance operational efficiency.
- Create end-to-end operational visibility.
- Improve product quality.
- Reduce operating costs.
- Optimize production scheduling.
- Improve overall equipment effectiveness (OEE).
IoT applications in factory settings have the potential to create as much as $3.7 trillion in value per year in 2025, according to a report from the McKinsey Global Institute.
Learn more about:
- The 4 M’s of Manufacturing (Man, Machine, Materials and Method)
- Sullair Case study focusing on real-time monitoring of critical assets for fast response
- How to maximize performance of critical assets using IIoT
- Four steps a manufacturer should adopt for a successful digital transformation program
- Case study: Daicel
- Types of advanced analytics that can aid manufacturers
- New business opportunities using IIoT and analytics
- Conclusions
FAQs about Advantages & Benefits of IIoT
What are the advantages of IoT and IIoT?
IoT (Internet of Things): Connects everyday objects to the internet, enabling them to send and receive data. Advantages include automation, convenience, improved decision-making, and enhanced efficiency. IIoT (Industrial Internet of Things): Focuses on industrial applications. It optimizes processes, reduces costs, enhances safety, enables predictive maintenance, and provides valuable data insights for industries.
What are some benefits of the IIoT for end users?
End users benefit from IIoT through improved product quality, greater customization options, increased reliability of services, enhanced safety measures, and often reduced costs due to optimized processes.
Is there any downside to IIoT?
While IIoT offers numerous benefits, potential downsides include concerns about data security and privacy, the initial cost of implementation, the need for skilled technicians to manage the technology, and the risk of over-reliance on automated systems.
What is the significance of IIoT?
IIoT is significant because it revolutionizes industries by enabling real-time data monitoring, predictive maintenance, process optimization, and data-driven decision-making. It enhances efficiency, productivity, and competitiveness, leading to economic growth and sustainable practices.
This is an excerpt from a white paper written by CIO from IDG for Hitachi Vantara. For more resources on Industrial IoT on our website, check this link.
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