Key Benefits of IoT Technology in Manufacturing You Need to Know

May 5th, 2022

Key Benefits of IoT Technology in Manufacturing You Need to Know

Manufacturing is one of the core industry sectors that thrives at a rapid pace globally. Emerging technologies have contributed to the phenomenal growth of this sector in a recent decade. One such evolving technology is the Industrial IoT Solutions (IoT). 

Be it improving customer services or providing personalized experience to users, industrial IoT solutions are always useful for manufacturers. They can make the most out of their resources with the help of IoT technology. 

As per the research, IoT in manufacturing market is expected to grow at Compound Annual Growth Rate of over 10 percent to cross $53 billion in the year 2025. In this post, we will dig deep into the benefits of IoT technology in the manufacturing sector. But, before moving forward, let’s understand the importance of IoT in bringing digital transformation in the manufacturing sector. 

IoT in Manufacturing- How Does It Bring Digital Transformation? 

IoT consists of a robust network of embedded devices, sensors, and software for collecting and exchanging data with systems using the Internet. Here connected or embedded devices can be anything ranging from day-to-day things to industrial equipment. 

As per the Statista survey, over 75 billion devices are expected to be connected via IoT by 2025. Industrial IoT solutions can break many hurdles by bringing advanced features based on various technologies. 

IoT can bring digital transformation in manufacturing sector by offering a centralized system for real-time monitoring and management of manufacturing infrastructure. Industrial IoT solutions are useful for assisting remote workforce, managing remote assets, and scheduling predictive maintenance in manufacturing and other core industries. Evolving technologies like 5G, AI (Artificial Intelligence), and data analytics boost IoT technology.

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What’s more, IoT in manufacturing sector, also known as IIoT (Industrial Internet of Things) can improve operations by collecting valuable data at every level. Manufacturers can have control on production, sales, and customer support with the help of IoT technology. 

It is fair to mention that IIoT is a driver of Industry 4.0 and digital transformation that can take your enterprise to a new level. These are some of the reasons behind increasing adoption of IoT in manufacturing. 

Here are the major benefits of the Internet of Things in the manufacturing industry. 

Top IoT Benefits for Manufacturing Sector

Manufacturing companies can get valuable data and analyze the same for making insightful decisions in real-time. It is possible to improve operations and increase efficiency on the production floor with the help of industrial IoT solutions

Top IoT benefits for manufacturing companies include-

Product Monitoring and Management

Product monitoring and management is one of the biggest benefits of IoT technology for manufacturing and other related sectors. IoT solutions facilitate manufacturers to track raw materials and finished products across the supply chain. 

Customized IoT applications can send real-time notifications to stakeholders for any possible damage or mishandling of the goods. In a way, they can manage inventory and track warehouse movements effectively. 

Machine Utilization

IIoT technology connects to various machines through the Internet. It enables manufacturers to get insights into the equipment’s lifelines and other vital parameters. It also helps manufacturing companies to utilize machines properly with optimum performance. What’s more, the data can assist manufacturers to fix all the issues that bring unplanned downtime. 

Predictive Maintenance

Interconnected devices help manufacturing units predict defects in tools and equipment. It not only saves your downtime but also assists you to increase productivity. Many customized IoT solutions have a predictive maintenance feature that can save various costs while ensuring a longer life cycle of assets. 

Also Read- Top Five IoT Adoption Challenges for Modern Enterprises

Facility Management

IoT-powered devices and sensors can accurately examine physical and chemical parameters including humidity, pressure, temperature, and vibrations. It is necessary for maintaining health and safety standards in the workplace. While ensuring the employee’s safety, IoT can assist manufacturers to detect hazardous conditions. Industrial IoT solutions can send alerts in real-time and manufacturing companies can take the necessary measures effectively. 

Remote Asset Connectivity

IoT bridges the gap between devices and networks in digital transformation solutions. IoT solutions are designed to fetch the data from remote assets and send them to a central location or to the headquarters. In a way, IoT makes it possible to examine and monitor remote assets efficiently while offering more control. Remote asset connectivity can increase the overall productivity and ROI over the period. 

Process Monitoring

Employees’ KPI measurement and process monitoring can play a vital role in ensuring the company’s growth. In any enterprise, project managers can easily track the team member’s performance and get valuable data with the help of industrial IoT solutions. Process monitoring involves Overall Process Effectiveness (OPE) and Overall Equipment Efficiency (OEE). It is necessary for enhancing the employee’s efficiency and ensuring timely project completion. 

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Managers can also perform a root cause analysis if necessary with the help of data related to process and behavior monitoring of employees. 

It enables them to resolve the employee’s issues in specific projects. For example, if a few of the team members face the same issues while performing their tasks, managers can intervene and resolve them. 

Here, it is fair to mention that manufacturing companies and other enterprises have to face some challenges related to IoT adoption for leveraging these benefits. Some of the major challenges include ROI uncertainty, privacy issues, and absence of a robust IoT network. 

These challenges also prevent manufacturers from bringing digital transformation in the manufacturing industry as well. 

Concluding Lines

Industrial Internet of Things (IIoT) solutions can assist manufacturing companies to maximize productivity and reduce waste to save various costs. Other benefits of Internet of Things include a better understanding of demand forecasting and supply chain that improves customer experience significantly. All you need to find the right IoT development services provider to leverage these benefits. 

Solution Analysts is a leading digital transformation solutions provider. We build robust and reliable industrial IoT solutions that help manufacturers maximize productivity and decrease costs significantly. Our expert IoT professionals can assist you to leverage IoT technologies more effectively for having a better understanding of demand forecasting and other major aspects of the manufacturing sector.

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