The Use Of The Internet of Things Intelligent Operation Tomorrow Today

The path to higher profitability is via the Internet of Things (IoT) — and it may be easier than you think.

A recent study finds that most manufacturing executives believe that IoT will boost profitability over the next five years.

That’s exciting news — but new profits won’t materialize at these companies without a carefully crafted plan that prepares employees and their facilities to communicate, share, and leverage information.

The Use Of The Internet of Things Intelligent Operation Tomorrow Today

Four critical steps pave the way to IoT success:

1. Prioritize: Develop an modernization schedule based on three factors:

  • Performance improvement opportunities (quality, reliability, speed)
  • Obsolescence issues that jeopardize production
  • Security concerns, given increased risk of intrusion via the Internet

This schedule will determine which lines, machines, controls, etc. require replacement — and when.

2. Balance: Coordinate the modernization schedule with the capital-expenditure budgeting process over multiple years. Carefully document estimated return on investment from IoT upgrades — including improved production performance, enhanced asset management, and increased plant capacity into those calculations.

3. Replace: After a modernization plan is established, manufacturers identify specific new equipment and devices to support the IoT. These selections should provide smarter manufacturing out of the box, while also offering long-term flexibility to adapt to new technologies and standards.

4. Repeat: Savvy leaders know that modernization isn’t a one-time exercise. These execs review automation opportunities on an annual basis, making sure that their companies keep pace with the IoT — and with their competitors.

Smart manufacturing = higher profits. What are you waiting for? Learn more about The Connected Enterprise.