The introduction of Internet of Things or IoT has created a significant effect as a global technological solution in transforming the manufacturing industry. Modern machines are now equipped with smart sensors and advanced mechanisms to create a connected environment within the factory. Manufacturers are now relying on technological solutions to streamline their work process and increase product supply.
Adoption of modern technologies within the work process is an integral aspect for an organization to advance in business competition. In case of the manufacturing industry, the adoption of IoT has become an effective strategy for improving performance according to changing market dynamics. As Industry 4.0 has already on the move, manufacturing companies have no choice but to adopt cutting-edge technologies to be able to survive in business competition.
IoT Solutions on Operational Efficiency
The manufacturing sector is experiencing technological advancement by successfully adopting modern solutions. At present, manufacturers are utilizing advanced types of machinery, IoT-powered sensors, actuators, and analytics tools to deliver top-quality manufacturing services while optimizing overall costs. Factories are relying on RPA analytics to achieve hyperautomation and faster production of finished goods. IoT solutions can increase operational efficiency in the following ways:
- Improvement of overall equipment effectiveness (OEE)
- Change in product &service revenue mix
- Generation of reduced cost and shorter downtime
- Remote asset performance management
- Optimization of warehouse activities and supply chain logistics
IoT framework provides a common platform with interconnected machines and devices which eventually leads to a better plan of analysis, control, integration, and optimization process. As a result, companies will be benefitted from enhanced growth opportunities and innovative solutions.
IIoT Technology in Work Performance
Implementation of Industrial IoT or IIoT can significantly increase the work performance of a manufacturing company. Smart sensors can generate a large amount of real-time data which can be thoroughly analyzed to find places for further improvement. As a result, it will create a positive effect on work performance and significantly increase machine efficiency.
Implementation of IIoT technology can significantly increase work performance in the following ways:
- Further enhancement of intelligent automation to create better quality products
- Dynamic response to changing market demands by continuous data analysis
- Improvement of workplace conditions and facility service
- 24×7 monitoring of events, activities, and daily operations for safety procedures
- Improved application of intelligent automation and cost optimization
- Optimization of resource usage and improved quality control
- Predictive maintenance of heavy machinery and smart inventory management
Application of IIoT also helps in smart packaging services, supply chain management, and monitoring of machine workshops & production flows.
The implementation of IoT has created a significant impact in industrial sectors, including the manufacturing industry. The adoption of smart technological solutions has created a demand for Industry 4.0 that will further increase in the future. According to Fortune Business Insights(1), the global market size of Industry 4.0 at present is 130.90 billion USD in 2022 and is expected to reach 337 billion USD by 2029, resulting in a CAGR of 16.3% during the period of forecast. The major driving forces of this growth are industrial automation, smart factory, and IIoT. Looking at the current scenario, it can be said that IoT has become a necessity in the manufacturing industry to deliver smart and automated services.
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Citation:
- Fortune Business Insights Industry 4.0 report, 2022
