How Industry 4.0 and IIoT Drive Data-driven Digital Transformation

Apr 13th, 2022

How Industry 4.0 and IIoT Drive Data-driven Digital Transformation

Manufacturing, energy, utilities, and other core industry sectors have started adopting the industrial internet of things (IIoT) concept rapidly. Many industrialists use actuators and smart sensors for improving various processes across different plants globally.

As a vital element of Industry 4.0, the fourth industrial revolution, aka 4IR, IIoT enables users to capitalize on the data that smart machines have generated and brings digital transformation. 

Evolving IIoT technology makes it possible to collect data from connected actuators and sensors. As a result, enterprises can detect any problems or inefficiencies in advance. It further facilitates entrepreneurs to save valuable time and avoid any possible downtime. 

Be it quality control, equipment safety, employee traceability, or supply chain management, IIoT can play a vital role in all critical operations. It contributes to improving efficiency and overall productivity. 

In this article, we are going to see the role of IIoT and Industry 4.0 in modern enterprises. Though Industry 4.0 has many components including cloud computing, AR, AI (Artificial Intelligence), big data, and digital twin, we will keep it restricted to IIoT and data-driven benefits of Industry 4.0 and IIoT convergence. But, before moving ahead, let’s see some interesting facts about IIoT and Industry 4.0 concepts. 

Interesting Facts

  • As per a recent estimate, IoT devices outnumber the human population by more than six billion  
  • The market size of global IoT in manufacturing is expected to cross USD 87 billion by 2026
  • As per the Manufacturer’s survey, 82 percent of manufacturers report higher efficiency through IoT
  • With Industry 4.0 adoption, the inventory level is expected to reduce at least 2.6 percent every year

IIoT is used extensively in various sectors including automotive, electronics, pharmaceutical, food & beverages, manufacturing, and oil & gas. It can transform the way these industries collect, assess, and utilize data.

Modern enterprises can make the most of other advancements and drive growth through IIoT-powered solutions. Enterprises can adopt the Industry 4.0 model for improving product life cycle with the help of IIoT and other technologies. 

Let’s go through the key benefits of IIoT and Industry 4.0 for modern enterprises. 

Top IIoT Benefits for Enterprises

Whether you are a manufacturer or an entrepreneur, industrial IoT solutions can benefit you in multiple ways. Here are a few of them. 

Higher Efficiency

This is the biggest benefit of IIoT. It brings automation and drives digital transformation in enterprises while optimizing operational efficiency. It also boosts productivity by enabling entrepreneurs to streamline their core functions. It is also possible to monitor the performance continuously with the help of IoT-powered software and sensors. 

Predictive Maintenance

Any enterprise can have a negative impact on operations due to machine downtime. As per the research report, the average cost per hour of downtime equates to $260, 000 across different manufacturing types. Here, proper and predictive maintenance comes into the picture. Mostly, the enterprise world considers maintenance a reactive rather than proactive process.

As a result, entrepreneurs may have to face issues related to downtime and damage. IIoT powers predictive maintenance to remove such issues. This functionality is based on real-time data and facilitates enterprises to transform processes digitally. 

Reduced Errors

Industrial IoT empowers industrialists to digitize all their processes. They can reduce the risks associated with human, operational, and manufacturing errors. What’s more, customized IIoT solutions can also reduce the risk associated with cyber-attacks and data breaches.

An official report has revealed that human errors can be the reason for 37% of cybersecurity-related issues. IIoT and Industry 4.0 technologies like AI and ML-powered programs can reduce human errors and various types of risks associated with them. 

Cost-effectiveness

IIoT solutions can provide enterprises with real-time data. Such data-driven insights can assist you to reduce costs and generate more revenue in operations, production, marketing, and other departments. Also, other benefits like fewer human errors and predictive maintenance of IIoT solutions can lead businesses toward profit.

Talking about manufacturing and other core industries, remote asset monitoring and management solutions remain highly cost-effective for enterprises. It not only offers real-time monitoring of remote assets but also gives more control. 

Improved Safety

IIoT sensors can give all the information related to physical parameters to bolster workplace safety. IIoT networks can turn “smart enterprise” into “smart security” by ensuring the employee’s safety. An integrated safety system, powered by IoT, protects workers on the floor and notifies the management about any problems or unauthorized access into protected areas.

The leadership can keep a tab on various aspects including noise levels and employee posture for improving work conditions and overall performance. 

When IIoT acts as a vital subcomponent of Industry 4.0, we can expect the following benefits from a customized solution that includes Industry 4.0 advancements.  

Key Benefits of IIoT and Industry 4.0 Combination

Apart from having high efficiency, IIoT and other components of Industry 4.0 enable entrepreneurs to come up with smart factories. Also, this combination can open the doors of innovation because connected devices can provide real-time data related to the user or customer expectations. This data can fuel innovation for improved products and systems. Also, Industry 4.0 gives agility, and enterprises can respond to the customer’s needs quickly.   

All devices, systems, and processes are interconnected in modern companies through virtual and physical networks. This can make a robust network of the Internet of Things. This network spans not only various teams but also supply lines and various assets to give an optimum result.

Connected devices can share knowledge for optimizing processes and promoting innovation in the workplace while making the most of the Industry 4.0 concept. 

Concluding Lines

Enhanced efficiency, improved safety, and innovative approach are the most important benefits of integrating IIoT-powered solutions in your workplace. You can increase productivity and get a higher ROI over the period, along with the advantage of the Industry 4.0 approach.

Businesses can address potential threats or issues before they can make significant damage. Both Industry 4.0 and IIoT can assist you to reduce costs and increase growth in a relatively shorter duration.

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