The three terms which propel Industry 4.0 are:
Automation is the technology by which a process or procedure is performed with minimal human assistance.
The comparison of what is actually produced or performed with what can be achieved with the same consumption of resources (money, time, labor, etc.). It is an important factor in determination of productivity.
An optimization problem consists of maximizing or minimizing a real function by systematically choosing input values from within an allowed set and computing the value of the function, or in other words, ‘the action of making the best or most effective use of a situation or resource’.
- Forbes (business magazine) predicts that investment in the Industrial Internet of Things (IIoT) will top $60 trillion (USD) in the next 15 years.
- There is approximately 25% reduction in asset maintenance cost and 35% reduction in downtime as assessed by Servicemax.
- The number of B2B IoT connections will reach 5.4 billion by 2020 forecasts Verizon.
IoT or Industry 4.0 is the ubiquitous. The above predictions are from some noted magazines in recent news. It is not an empty catchphrase or marketing hype. The technology and term is here to stay and it’s slowly getting implemented all around us.
Manufacturing and industry are majorly going to get affected by the implementation of IoT.
- Manufacturing operations
Manufacturing operations include the several elements which are typical in Manufacturing Operations Management (MOM), such as asset management, intelligent manufacturing, performance optimization, end-to-end operational visibility, performance monitoring, planning, human machine interaction,.
- Production asset management and maintenance
This segment looks into production asset monitoring and tracking. Monitoring of parameters such as quality, environment performance, potential damage or breakdowns, bottlenecks. Checks and improvements at each stage of asset manufacturing leads to improvement in quality of the end-product.
- Field service
This segment of IoT lies outside the manufacturing facility. A very important part of any product is it’s after service nowadays. For example if a costly equipment which is critical to the operation of a plant is installed like an air compressors, it requires periodic maintenance. Optimum health of the air compressor is vital to maintain the productivity level. Predictive maintenance which monitors the health status and service at regular intervals based on the alerts from IoT sensors goes a long was in increasing the lifetime of these equipments.
All the above segments have immense scope of improvement and revenue generation with proper implementation of IoT.