In the past few years, the ” Internet of Things ” (IoT) has become a hot topic of discussion. It is not only changing our way of life, but also changing the way we work. It has a wide range of uses and has far-reaching influence in various industries.
What does the Internet of Things really mean?
IoT is a basic concept that can connect any device with an on-off switch to the Internet (or each other). This includes everything from cell phones, coffee makers, refrigerators, wearable devices, and almost everything else (often called “smart devices”). This also applies to machine parts, such as jet engines for airplanes or drill bits for oil rigs. The idea of the Internet of Things has been around for a long time. Due to technical reasons, it has been developing very slowly before, but now there are new breakthroughs in technology that make the Internet of Things feasible.
The Internet of Things has caused a huge sensation because of its application in various fields of modern civilization that almost touches on technology. In addition to sensing and accumulating real-time data, IoT systems can also view the situation and take actual actions. Although IoT is still developing and still has a long way to go, its growing benefits are promising and impactful in various industries. The introduction of IoT has helped change the manufacturing processes and the way products are delivered.
The Industrial Internet of Things (IIoT) uses networked sensors and smart devices directly on the manufacturing floor to collect data to drive AI and predictive analysis.
The global Industrial Internet of Things market is valued at USD 82.4 Billion whilst, the realized labor utilization improved from 80% to 92%. The major factors that are driving the growth of the IIoT market are government support for the development and implementation. The advent of Industry 4.0 has led to the higher adoption of Industrial IoT across the manufacturing sector.
Three(3) ways in which the Internet of Things transforms the Production industry
(1.) Predictive maintenance
By monitoring production data to identify patterns and assessing before problems occur. It can prevent equipment failures and enable manufacturers to reduce service costs, extend uptime and improve production. According to a survey, companies that have equipped their machines and manufacturing equipment with IoT sensors found that their work efficiency has greatly improved. IoT sensors also help predict whether the machine is about to reach a dangerous working state or is about to explode.
(2) Supply chain management
IoT devices have revolutionized supply chain management (SCM). It helps to track products, how they are stored and when they can be expected in a specific location. Another major variable that is difficult to manage in the supply chain is inventory. Accurately forecasting demand has its limitations, and inventory levels may be adversely affected by many external inefficiencies. Therefore, smart devices can monitor and process more variables more closely than ever before, thereby truly enhancing the supply chain system to improve and Optimize efficiency.
(3) Digital twin
The digital twin digitally replicates the product being developed, so it is possible to understand the shortcomings before completing the entire product and investing. By modifying the sensors, the industry can collect data about the entire working mechanism of its products and the expected output of each module. The data collected from the digital copy enables managers to analyze the effectiveness, efficiency, and accuracy of the system. They can also identify potential bottlenecks in the product so that they can be corrected in time, thus saving a lot of losses that could have been avoided.
The digital twin also simplifies operations such as asset management and fault management. They assists the industry in predicting products, projects and successful completion of tasks in time. The future potential of IoT is unlimited.
In conclusion, we live in a hyperconnected world and nothing seems too far, virtually. The Industrial Internet of Things (IIoT) is transforming the competitive landscape. Industrial Internet of Things data, from billions of intelligent devices can generate massive volumes of data.
The world has becomes increasingly connected and digitalization is a key differentiator that will enable your company to remain competitive.
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