IoT in production management is growing rapidly. If you look around, most of the SMEs started embarking IoT in their shop floor and, are vigorously taking advantage of the impacts that IOT can bring in.
IoT delivers greater Product Quality
Manufacturing devices equipped with IoT provide real-time monitoring of condition and production of the machines. It monitor the device’s vital features and provide you with real-time data with which you can make informed decisions proactively. This improves not only the quality of manufacturing but also the quality of the product produced which in turn improves customer satisfaction.
IoT minimizes Production Cost
Greater product quality delivered via IoT also impacts production cost. When a product is produced there is a possibility that it might not meet the quality standards and then the manufacturer decides to start over from the beginning. With real-time data from IoT, the manufacturer will not produce the product which does not meet quality standards, which prevents wastage of production resources, time and cost.
IoT significantly reduces the risk of Machine Downtime
Machine downtime is another important factor to be considered. If the machine stops working in the halfway, the product under progress is a total loss including all its energy and time spent for production. In addition to the expense to rectify the downtime, you may also be subjected to the cost of hasty and delayed orders. IoT installed devices monitors and provides real-time data. And hence, the stakeholders are alerted in real-time and problems are rectified and the associated downtime costs are minimized.
IoT aids in providing Predictive Maintenance
IoT installed devices monitor the machine in real-time and provide feedback on its vital parameters. With these data, you can predict maintenance needs at an exact moment without making a guess from the history of maintenance records. IoT based solution can gain rich insights from the growing volume of data to detect early warning signs and resolve issues. This will improve the machine efficiency to a larger extent.
IoT aids monitoring Energy Consumption
Monitoring energy consumption has always been a challenge because of its insufficient granular details. IoT helps production shop stakeholders pinpoint where they are losing energy and fix those spots.
IoT allows you to take Smart and Instantaneous Actions
IoT continuously monitors the machine to see if it is operating perfectly and consummately for which it has been designed for. In case of any pitfall in the actual operations of the machines, the solution is capable of generating a notification that allows you to take instantaneous actions, thus preventing a lot of glitches that can happen in the production floor.
On the broader scale, IoT helps business to achieve Return On Investment in a short span of time.
Research from Business Insider states that, in 2020 global manufacturers will invest $70 billion on IoT.
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