Describing the expanding network of interconnected computing and sensing devices, the Internet of Things (IoT) envelops an array of objects ranging from household gadgets, self-governing automobiles, to beacons facilitating retailers to monitor shopper behaviour and make personalised offerings.
The Healthcare, Pharmaceutical, and Agricultural sectors are some of the prime industries that can immensely benefit from implementing IoT technology. By increasing productivity and efficiency, IoT devices can support staff to optimise their workflow. In the same way, Manufacturing is another field where IoT can potentially have a favourable impact, as it can assist in managing inventory and strengthen the overall supply chain to ensure the safety of employees and customers.
As the Internet of Things (IoT) gains prominence in both commercial and residential areas, it is wise for manufacturing leaders to explore its potential benefits. This article shall present an overview of the enhancements in industrial processes that can be accomplished by embracing IoT technologies.
Cutting Costs
By utilising Radio Frequency Identification (RFID) tags attached to various assets and readers to scan them at key points, the Internet of Things presents a wealth of opportunities for reducing expenses. Asset management is one such example.
Ensuring proper tracking of assets can lead to long-term savings for businesses in equipment maintenance and capital expenditure (CapEx). Well-maintained machinery minimises the time spent on fixing or replacing parts, resulting in a more dependable service to customers.
Costs can be further reduced through efficient inventory management that decreases carrying costs and search times, as well as agile operations that can adapt to evolving market demands, and economical energy consumption that reduces overall expenditure.
Enhanced Time-to-Market
Implementing Internet of Things (IoT) technology to revamp processes has resulted in speedier and more consistent production processes that cater better to customer needs. For instance, Harley Davidson reorganised its equipment and logistics in its York, Pennsylvania production facility by adding sensors and consequent location awareness. The company can now produce customised motorcycles in just six hours, in contrast to the previous 21 days.
With personalisation becoming an increasingly coveted attribute, the ability to tailor products and services to individual customers’ demands is of utmost significance. IoT sensors that provide real-time data on production and inventory levels now enable manufacturers to maintain a wider assortment of products in stock.
Incorporating both personalised and standard items can contribute to a more standardised and uniform customer experience, which can boost consumer trust and loyalty. Customer experience (CX) is a vital asset for all organisations, and enhancing CX can potentially provide an edge over competitors.
Enhanced Quality
Companies frequently encounter the conundrum of balancing the upgradation of product quality with cost-reduction. Employing Internet of Things (IoT) technology presents an array of resolutions to this dilemma. Additionally, calibrated equipment can enhance process proficiency, while sensor technology can detect even minute fluctuations in machine performance that can significantly impact the final product quality.
Ultimately, Internet of Things (IoT) sensors can be utilised throughout various stages of the quality assurance process to monitor a diverse range of factors. For instance, thermographic and video sensors can be implemented to capture more extensive product data. For comprehensive quality assurance, products should be scrutinised at multiple stages of the manufacturing process.
Elevated Employee Satisfaction
Wearable devices can observe employees’ health by tracking factors such as heart rate, fatigue, and mobility, and alert workers when they engage in risky activities. Additionally, Internet of Things (IoT) connected devices can be installed on machinery to detect potential hazards and generate alerts to either resolve the issue or evacuate the area.
The information offered by devices on productivity and resource needs specific to a shift can immensely benefit the workforce. To establish a sense of unity and common objective, downsizing the workforce on an overcrowded shift could prove advantageous. Additionally, highly productive employees can serve as role models to inspire others aiming to step up their output.
Visibility in the Supply Chain
Better supply chain visibility can be accomplished by increasing communication between manufacturers and component suppliers, as well as introducing a more integrated internal asset management system. This allows operators to monitor a product or package’s location, status, and condition while in transit. Further, manufacturers can access data on the volume of units produced and exported at any given moment, as well as the number of units manufactured over an extended period.
Sensitive products, such as medicines, can significantly benefit from this information. Moreover, an Internet of Things temperature sensor can be utilised to detect malfunctions in a truck’s internal cooling system and notify the driver to take appropriate action or switch to an alternate system.
Enhanced Ability to Make Decisions
Manufacturers of IoT devices must be equipped to handle the abundance of data. As a consequence of the data analytics performed using these technologies, executives can access valuable information and employ it to make informed decisions in various functional domains, such as financial planning, scheduling and supplier selection. This has the potential to enhance the decision-making process.
To evaluate which suppliers have superior quality control standards, identical products from multiple suppliers can be monitored. Additionally, reliable asset management can assist the finance department in planning for the eventual repair and replacement of old machinery.
Internet of Things Solutions Are Scalable for Any Business
The Internet of Things (IoT) is a technology that can benefit businesses of any size without necessitating the implementation of a single IoT solution, thereby averting any possible stress or burden. Nevertheless, to fully leverage the technology, the company’s employees must possess expertise in the software that analyses the data.
