Why Are [Some] IoT Manufacturers Left Behind?
Why aren't some manufacturers implementing Internet of Things (IoT) devices in their environment? In our conversations with manufacturers without a solid IoT foundation, we learned they aren't aware of how IoT would benefit them and doubted IoT could actually deliver on the hype. Those with a more mature IoT strategy are achieving significant value in properly implementing IoT in manufacturing.
Why Aren't All Manufacturers Using IoT?
Manufacturers in the minority who aren't utilizing IoT feel they don't have the budget to do so. Furthermore, these manufacturers prioritize spending on areas that don't concern IoT such as equipment, additional working space, and overhead costs.
Uncertainty is another factor that prevents manufacturers from taking advantage of IoT devices. Manufacturing leaders in the minority don't see a clear ROI of investing their energy, time, and resources into IoT manufacturing.
Lack of awareness and information on the IoT subject is another reason why manufacturing leaders are hesitant to make changes. They're stuck in an endless cycle with their current manufacturing process and believe that it's already good enough.
Detecting issues as they occur is a staple benefit. Some clients had no idea if a line was up or not without inspecting it up close. Integrating smart machines into a manufacturing environment allows floor managers and workers to be alerted of the issues in real-time.
With the power of real-time monitoring and predictive analytics, manufacturers can save time, money, and headaches by seeing any looming issues in advance. Are all your lines running as expected? Is a machine belt about to break? An effective IoT solution integrated into your environment will alert the proper employee of the issue and recommend a resolution.
IoT manufacturing leads to improved quality of your products. Manufacturers are able to detect opportunities for improvement in their supply chain, employee availability, and machine performance to upscale quality.
How can decision-makers know what changes to make in their processes and on what scale? Many QA leaders don't realize the minor changes they can make to see a sizable impact on quality. IoT data simulation applications allows leaders to foresee the changes required in their KPIs and processes to achieve their goals.
Decision-makers can make better and quicker business decisions with the transparent data that's provided to them. Advanced analytics paired with an optimal IoT solution can provide answers to any business question.
The hype around IoT is the real deal. In fact, large percentages of diverse industries implemented full-scale IoT solutions into their businesses. 36 percent of 316 organizations surveyed across different industries were taking advantage of IoT's capabilities by 2018. Specifically in manufacturing, a whopping 62 percent of organizations had already adopted IoT. As the figure below supports, manufacturers are racing to reap the benefits of IoT because there is so much pressure to cut costs and deal with increased supply costs.
Stay in the Current
It's not too late for the manufacturers left behind to jump on the IoT trend. As time goes on, technology will continue to change along with the competitive landscape in manufacturing. It's only a matter of time until manufacturers with IoT-enabled solutions far outperform competitors without them. Don't fall behind your competitors.
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