From Machines to Smart Systems: The IoT Revolution in Manufacturing in 2024
Forbes reports that more than 207 billion devices will be connected to the worldwide network of the Internet of Things. In the OEM industry, Industrility plans to bring the next big evolution with AI and sustainable solutions to shape up the future of after-sales services.
All of these advancements are going to boost the manufacturing industry revenue and increase its efficiency and productivity.
Here are some of the top trends that we need to watch out for in the smart manufacturing space:
Digital Twins
Digital Twins are digital copies of real assets. The rise of this technology has enabled manufacturers to track every asset in the field, optimize the service and deliver better TCO to their customers. In 2024, digital twins in manufacturing are expanding beyond single assets to encompass entire production lines or systems. These intricate digital replicas offer detailed simulations and predictive modelling, powered by real-time IoT data integration. This evolution empowers industries to be more connected to their installed base and get closer to their customers. This shift isn’t just valuable; it’s essential for staying competitive. By leveraging advanced digital twins, OEMs can unbolt immaculate efficiency and agility in today’s dynamic market.
GenAI
According to reports, the global market size of GenAI in manufacturing is expected to reach around $7 billion by 2032. Recent advancements have simplified the use and extraction of value from Generative AI (GenAI), a technology capable of generating various content types like numerical data, images, text, audio, or video based on its training data. While not new, GenAI is gaining traction, with approximately 40% of supply chain organizations already investing in it. These investments primarily target knowledge management applications, showcasing the growing recognition of GenAI’s potential in enhancing operational efficiency and decision-making processes.
The Rise of 5G
In the future, rapid downloads and uploads will ensure minimal latency, extreme reliability, and real-time data sharing. This transparency enables quicker predictive maintenance, potentially preventing downtime. It will drive higher safety, superior equipment reliability, more sustainable machines and newer business models.
Edge Computing
Edge computing analyzes data closer to its source rather than sending it to centralize servers, revolutionizing industries by prioritizing data security. Local analysis eliminates the need to transfer data externally, reducing costs associated with processing and transferring large volumes of data.
Benefits of the IoT Revolution
- Workforce involvement: Focus on workforce decision-making with contextualized data, driven by use cases, and built on a foundational digital platform adaptable to business evolution.
- Cost Reduction: Predictive Maintenance has become a reality because of IoT. Prevention of downtime has reduced losses and asset management optimization has addressed productivity-related issues.
- Quicker Time to Market: With software solutions like Digital Twins products can quickly move from the conceptual level to the commercial level.
- Humans, in collaboration with machines: Promote teamwork between humans and machines in cognitive factories, using smart suggestions for the best actions. Keep learning and improving, with clear rules for managing people and data analysis.
Digitization of the production process and after-sales is not just a trend, but a necessity.
Conclusion
As technology advances, the revolution gains momentum. Digitization of the production process and after-sales is not just a trend, but a necessity. Industrility is spearheading this transformation in manufacturing after-sales with advanced IoT solutions. Empowered by cloud technology and predictive maintenance, the future of industrial manufacturing is not only brighter but more interconnected than ever before. By digitizing after-sales and championing XaaS (Everything as a Service), Industrility is driving higher profitability for B2B OEMs, unlocking a new era of efficiency and connectivity.
– Achint Vari
