Growing Manufacturing Business With Connected Technology

Manufacturers have been leveraging Internet of Things (IoT) technology in their businesses throughout their entire history worldwide. It has been proven that IoT is a catalyst technology for revolutionizing manufacturing and other industries. That’s why the way that today’s products are manufactured looks very different than it did before the Industrial era 4.0. Not only large businesses but small and medium-sized businesses have also started to adopt and adapt to emerging technologies IoT to transform their legacy machines and systems into smart and highly productive ones.

Leading manufacturers are taking advantage and realizing full potential of IoT, data processing and automation, and analytical forecasting models to increase the efficiency of the entire manufacturing value chain.

A wide range of IoT manufacturing applications such as real-time asset monitoring, predictive maintenance, and supply chain management, are making it possible for all scales of enterprises to improve interoperability across different connected assets like machines, products, people, and analytical resources into one ecosystem. At the simplest level, IoT and other emerging technologies are creating real value in manufacturing: growing and operating the business more efficiently than ever before.

Key Factors Driving Growth of IoT in the Manufacturing Industry

1.Increased demand for real-time asset monitoring

Real-time asset monitoring allows enterprises to adapt to and learn from real-time data that can make the smart factory more proactive, responsive, and predictive. It also enables the organizations to avoid operational downtime due to machine failure and other productivity obstacles. Hence, it is one of the major driving factors for IoT growth in the manufacturing industry.

2.Change in consumer demand

Rising purchasing power is emphasizing more and more consumers to seek and find products that are personalized and customized fitting to their individual requirements. This shift in consumers’ demand has led to a more complex competitive landscape that makes value creation a necessity to sustain and grow. The path to success for each manufacturing business is to adopt new technologies like IoT and envision their organization in new ways if they want to meet their consumers’ needs proactively.

3. Rising demand for industrial automation

Over the past years, digital technologies like Robotic Process Automation (RPA) have seen remarkable growth in the manufacturing sector. Manufacturing enterprises are more focused on core processes such as production, supply chain, and asset monitoring and maintenance due to high market competition and end-user demand. The potential solution to these challenges is automation that enables manufacturers to lower direct human labor costs and expenses, enhance productivity, increase process speed, and deliver high-quality products. Internet of Things plays a crucial role in enhancing the process of industrial automation.

4. Economics of value chain

New digital technologies are reducing the distance between manufacturers and consumers, allowing manufacturers to squeeze out traditional intermediaries. Without real-time information and disconnected systems, traditional manufacturers struggle to communicate with consumers and to receive-and respond to-valuable consumers’ feedbacks. It is no surprise that successful enterprises are able to engage directly with their consumers, narrow the gap between sample and product, and move their business models from build-to-stock to build-to-order.

5. Low operational cost

Connected supply chain and smart manufacturing processes are the critical components for a successful manufacturing business. The innovation of low-cost connected devices has enabled even small manufacturers to adopt IoT technologies to optimize resource consumption and increase overall productivity. Thus, IoT applications empower manufacturers to reduce costs and maximize efficiency with high profitability.

IoT plays a vital role in Manufacturing Business, as it enables all scales of enterprises to establish digitized and connected manufacturing processes with customization and a self-configured, automated manufacturing floor. The significant results of IoT applications can be seen in improved business operations, and reduced unnecessary expenses and overheads of the leading manufacturing enterprises.