IoT Will Revolutionize Manufacturing
As IoT technologies continue to develop via wireless networking, micro electromechanical systems (MEMS) and the Internet, they bring the potential for a revolution in how business is conducted in the manufacturing industries.
There are a great variety of companies that fall under the manufacturing umbrella, however, the potential of IoT is universal, and can bring increased efficiency to the majority. Due to the new opportunity to gather and analyze data, there will also be new types of manufacturing services coming online that also circumvent the problem of commoditization. As we know, manufacturers are continually seeking to make their supply chains more streamlined and efficient.
IoT-powered merchandise tracking provides better control for manufacturers over their logistics departments, the use of data now also allows offers to be made to customers that their shipments will be tracked in real-time, which can give a competitive advantage. Future factories will be more cost efficient and will also demonstrate increased flexibility. Innovations made by the product design department will come online with greater speed and customizing any aspect of the manufacturing process will be much easier. These changes will be seen in scheduling, with changes being made within hours according to demand, instead of over the course of days as it is in most cases currently. Managers will be strengthened by the ability to attain information about their stock and raw material situation directly from a tablet computer in real-time.
Manufacturers will also be able to look into the condition of their equipment and be notified if conditions are taking them down a path towards failure or malfunction. Indicators will include fluctuations in temperature, humidity, vibration, or pressure, for example. This allows manufacturers to make fewer visits to the factory floor, which will in turn reduce costs and make manpower available in other areas. Equally important, it will mean that there is less disruption, downtime and ultimately, an upturn in levels of customer satisfaction.
With this rise to the next level in manufacturing, companies can evaluate prices on an individual use basis, including all aspects of servicing, installation and hardware. This level of service will be very attractive to customers who want to spread their costs out and gain the ability for increased accountability within the sector.