The Manufacturing sector at large is at the brink of another industrial revolution of its kind, emerging technologies such as IoT, AI, and robotics are rapidly evolving the industry. Market research reports estimate the global manufacturing industry to invest $70 billion in IoT solutions by 2020. Many manufacturers today are already engaged or are in the process of engaging to implement IoT devices and utilize the immense potential they have to offer from predictive maintenance to sophisticated data analytics, thus improve their productivity, availability, and increase the business value of their offerings.
With reports of the number of smart devices, expected to touch the 31 billion mark by 2020 and 75 billion by 2025, it’s extremely essential for businesses to better their understanding about these devices and how they are transforming the industry from traditional ways of working into dynamic, interconnected systems.
The manufacturing industry is marred with safety incidents, and equipment malfunctions are the key contributing factor in it. Research reports suggest that in all around 151 laborers get involved in workplace accidents every 15 seconds. With the help of IoT, these incidents can be significantly reduced. Employing IoT sensors can assist with safety in manufacturing by increasing the volume of data gathered and reducing the time it takes to get it. Thus, instead of manually entering data, live data can directly be transmitted to the control rooms or appropriate areas.
Furthermore, IoT can lend a helping hand in inventory maintenance by effortlessly monitoring the supply chain. IoT can depict a clearer picture for companies about their moving parts. The tech enables accurate counting of supplies along with product tracking ability to prevent the shortage of stocks.