Demystifying Internet of Things for Manufacturing
Internet of Things or IoT refers to a system where devices are connected to each other through the Internet. These devices keep talking to each other for getting things done – faster, smarter. IoT is influencing our day-to-day life. It is transforming the way we live and work.
The devices of the future will be ready for IoT. Routine activities like making coffee, switching on a water heater, ordering groceries, and sharing vital health stats with a physician will be done automatically, through IoT.
We already see IoT in action with wearable health bands (like Fitbit). These wireless devices record data such as number of steps taken, heart rate, sleep quality and share with an Internet-enabled device like a smartphone for analysis, monitoring, and customized training and diet recommendations. Health insurance companies are also using this data for their premium calculations.
Industrial IoT (IIoT)
Just like in the consumer space, Industrial Internet of Things is revolutionizing manufacturing. The Industrial Internet of Things can be well understood as ‘connected machines’. These are machines share data and vital statistics about workflow status, production rate, status of raw materials, time for completion, and so on.
With the implementation of Industrial IoT, physical systems (even factories) can communicate with each other and humans via the Internet.
Be it the machines on the shop floor, robots in a manufacturing plant, shelves in a warehouse, or energy management devices in a factory, IIoT is connecting them all, and converting factories into Smart Factories.
For example, a power distribution company can link data from all its power grids to analyse the demand/ supply data and redirect power supply from grids where there is surplus, to areas where the demand is higher. This is called a Smart Grid.
Industrial IoT can enhance efficiency, improves scalability, reduce resource requirement, optimize time, save cost, and predict better. It builds transparency by championing a seamless flow of data across departments.
Some of the features of Industrial IoT are:
- Connectivity – It enhances the possibility of connecting a variety of wired and wireless devices and machines, to enable different application needs.
- Secure Platform –The system is designed to ensure the protection of user data privacy by detecting and blocking malicious activities.
- Sophisticated architecture –Industrial IoT is a collaboration of Machine Learning, Big Data, Artificial Intelligence and more.
- Real time data management –To access IoT cloud features, the devices need to be connected to the Internet, to manage real time data to drive applications.
IoT has some early challenges. Availability of sensors, data security issues, interconnect issues (between devices) and the perceived threat to human jobs and are some of the concerns.
Why use Industrial IoT
IIoT is poised to be a gamechanger for manufacturers. It is only a matter of time before they reap the benefits like better productivity, reduced costs, higher customer satisfaction and a digitally-enabled workforce.
As IoT reshapes the manufacturing industry, businesses will get faster and production lines smarter. The possibilities are endless for the manufacturing industry as businesses become competitive and technologically superior.
You can also get started with the implementation of Industrial IoT to your business, by identifying areas/ machines/ processes that can be connected. For more details and step-wise assistance to secure a loan for turning your factory into a smart factory, talk to Reliance Money.