The Internet of Things (IoT) is playing an increasingly important role in manufacturing. The market is becoming more competitive. Therefore, being able to make decisions based on real-time information, minimize machinery downtime, and deliver products in a timely manner are crucial to companies keeping their competitive edge. So how does IoT provide the basis for this?
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It’s Time to Manufacture in the Fast Lane
In the previous part of the series, we looked at common misconceptions about IoT . In this article, I will talk about the power of IoT in practical use for manufacturing. I believe the current business landscape is developing and changing more rapidly than ever before due to factors including greater customer demands and high competition. For this reason, organizations need to provide their customers with tailored services and products quickly to distinguish themselves as major players.
Conventional manufacturing is not a viable option in the long term. Real-time information forms the foundation of accelerated production processes and helps you identify areas where there is potential for optimization. By leveraging the potential of data generated by your facility, you maintain a clear overview of your inventory, production capabilities, and delivery timeframes. Ultimately, you gain transparency of your manufacturing processes in real time, which enables you to make any necessary operational adjustments.
Operational Continuity for the Win
Of course, you can’t utilize machine data if machines are not functional. IoT is the catalyst for optimizing maintenance processes and implementing predictive maintenance.
“When properly analyzed, information provides staff with historical data on machinery failure. Technicians can then identify patterns in operation, such as undesirable vibration levels, and make changes to conditions.”
Jacob Wesenberg, Director, Innovation & Technology LoB, itelligence Denmark
Additionally, historical data allows maintenance to be planned predictively based on root causes of failure. You can optimize maintenance processes for maximum uptime, production, and profitability.
Giving Customers a Personalized Experience Leads to Business Success
I’ve noticed more and more that customization is playing a significant role in increasing customer satisfaction. I have already touched on how understanding and using manufacturing machinery data enables quicker decisions for meeting customer demands. However, many products can actually incorporate IoT now. This means they generate customer data that provides insights into their personal experience and how they use the product. If there are opportunities for optimization or streamlining an aspect of something you have sold, you have the information available to you. As a result, you can tweak your design based on this information and provide better, more personalized products in the future.
Build Your Business in a Way You See Fit
As the capabilities of IoT and the volume of data increases, companies are in a position where they can develop new business models. You can give customers a more personal experience, accelerate manufacturing, reduce costs, and maximize uptime.
Patterns and trends that were previously unknown to decision makers are now available and allow you to change the way you run your business. This includes adapting your products based on customer data, implementing predictive maintenance, or even providing completely new consumer experiences. Using pay-per-use models is a prime example of changing business models for the better with the latest technology. But more on that next time when I will look at pay-per-use in connection with IoT and the value this can add to your business.
What about your company?
itelligence’ IoT experts developed a brief check of up to 9 steps for you. It helps you to get a quick understanding of your organization’s digital maturity level and of where you are starting from. The short assessment considers your business model, products and services as well as your processes. The abstract you receive afterwards gives you essential input to identify your organization’s strengths, priorities and weak points, and to define your digital vision.