How Manufacturers Can Expand the Business Potential of Data With IoT?

What is IoT?

The Internet of Things is a system of interrelated computing devices which are provided with unique identifiers (UIDs) and can transfer data over networks without the need for human-to-human or human-to-computer interaction. IoT is a concept where devices such as washing machines, cell phones, coffee makers, lamps, headphones, etc. are connected to the internet via an on and off switch. In short, IoT refers to a giant network of connected things.

What is IIOT?

Industrial Internet of Things is a method for digital transformation in manufacturing. It employs a network of sensors for collecting critical production data and uses cloud software to transform data into valuable insights about the efficiency of manufacturing operations.

Using IoT to Expand the Business Potential of Data

IoT can be used in the following ways for the effective use of data in the manufacturing sector.

1. Facility  Management

Using IoT sensors in manufacturing equipment allows for condition-based maintenance alerts. There are many machine tools designed to function within certain vibration and temperature ranges. IoT sensors will actively monitor machines and send alerts if any equipment deviates from its prescribed parameters. This will help provide a prescribed working environment for machinery, thus helping manufacturers increase operational efficiency, reduce costs, conserve energy, and eliminate machine downtime.

2. Inventory Management

IoT applications will help monitor events across a supply chain. With these systems, the inventory is traced and tracked globally, and the users are notified in case of any deviations from the plan. This enables cross-channel visibility of inventories. Managers will get information about the work in progress, the estimated arrival time of new materials, and realistic estimates of the available material. This will reduce share costs and optimize supply in the value chain.

3. Plant Safety and Security

Big data analysis, when combined with the Internet of Things, helps improve the overall safety and security of the workers in the plant. Effective monitoring ensures better safety. By monitoring the Key Performance Indicators (KPI) of health and safety such as the illness rates and the number of injuries, short and long-term absences, loss during daily operations and vehicle incidents and property damage, safety, and security of the plant can be ensured. Addressing lagging indicators will also ensure proper redressal of health, safety, and environment (HSE) issues.

Conclusion

Internet of Things helps manufacturing enterprises maximize productivity by maintaining production uptime, eliminating waste, and reducing costs. Successful IoT adoption for data requires thoughtful orchestration through the application design and execution segments of IoT. By leveraging IoT for business in data management, manufacturers will be able to get a better understanding of the supply chain and manufacturing processes, enhance customer experience, achieve faster time to market, and improve demand forecasting.

To learn more about data science and big data, check out Global Tech Council.