5 Decisive Technology Trends which will Make or Break the Manufacturing Momentum in 2017
Manufacturing contributes to 16% of the global GDP and the Internet of Things (IoT ) is on track to connect >28 billion things. What happens when these massive forces collide? We review 5 game-changing technology catalysts.
By Sundeep Sanghavi, Co-Founder and CEO, DataRPM Sponsored Post.
Two super forces are racing at breakneck speed to collide with equal force. On one hand, the Manufacturing Industry which contributes to 16% of the global GDP and on the other the Internet of Things (IoT ) which is all set to connect >28 billion things to the Internet. What happens when they collide? Which one would fuse into the other?
The collision occurred a decade ago, but the aftermath is seen now. Advanced technologies are increasingly underpinning global manufacturing competitiveness. Unless this industry embraces disruptive processes sparked by the Industrial Internet of Things (IIoT), it will become tough to maximize overall equipment effectiveness.
These five game-changing Technology Catalysts are something that Manufacturers have to watch carefully and adapt nimbly:
- The United Forces of the Connected Factory: Leading-edge capabilities triggered by IIoT have resulted in a connected ecosystem. This is the data-driven factory of the future where all activities are connected through the same information platform. Manufacturers globally ought to leverage the power of the Web to link machines, sensors and humans to gather new levels of information and analyze that information to translate the collected data into insights. Stanley Black & Decker, for example, has increased equipment efficiencies by 24% and labor utilization by 10%, just by monitoring production in real time.
- Let the Digital Twin do the Talking: A concept that is gaining momentum rampantly, the Digital Twin closely connects physical and virtual worlds, to depict the real-time status of the stacks of data collected by IIoT sensors. Manufacturers would need to integrate these Digital Twins into their maintenance schedules, to save millions of dollars on part replacements. The U.S. Air Force plans maintenance of jet engines based on data from its Digital Twin.
- Predict Today for a Better Tomorrow: By staving off failures even before they occur just by using equipment data intelligently, automation for Predictive Maintenance can help Manufacturers reduce unplanned machine downtime by 45%, maintenance costs by 30% and breakdowns by 75%. A fine-tuned Predictive Maintenance model, can help Manufacturers with enhanced asset reliability resulting in creating considerable streams of new revenue.
- Breaking Dawn with Artificial Intelligence: As Bill Ruh, CEO of GE Digital says, “You cannot build a brilliant factory without insight”. Manufacturing empires like GE, monitor sensor data with Artificial Intelligence (AI) based insights and analytics software, to spot critical defects in production lines. Procter & Gamble also uses AI-based smart factory technology across 130 plants worldwide to slash down unplanned downtime by 10-20%
- The promise of Disruption grows stronger: Manufacturers have collected data from sensors, but what next? Are they leveraging IIoT based disruptive technologies with Smart Applications which enable them with a constant feedback mechanism for detecting, preventing and ordering replacement parts or an ideal state where real-time asset performance helps trim down the financial impact?
Smart Manufacturing Tools are all set to grip the Global Economy. It’s time you prepare your base camp with machine intelligence to combat this force