McKinsey estimates that IIoT applications in manufacturing are expected to generate $1.2 to $3.7 trillion of economic value annually by 2025. Stronger demand for customization, increasing customer expectations, and the complexity of global supply chains are all factors encouraging manufacturers to find new, more innovative ways to remain competitive. In attempts to gain productivity improvements and uncover new ways of enhancing manufacturing and supply chain operations, businesses are turning to Spiridon to provide digital transformation solutions.
Industrial Internet of Things (IIoT) is the key to digitally transforming the manufacturing sector by employing a network of sensors to collect critical production data at the edge. This data may or may not be further aggregated in a cloud. Regardless, the available data captured can be turned into valuable insights around the yield and efficiency surrounding the current manufacturing process.
Drivers of IIoT in manufacturing include: (1) Cost reduction. Due to optimized asset and inventory management. (2) Reduced time-to-market. Faster and more efficient manufacturing and supply chain operations that reduce the overall product cycle time. (3) Mass customization. The mass customization process requires a dramatic increase in the variety of produced SKUs, which causes inventory to go up and become more diverse. Manufacturing operations get more complex as well – the production of 100 items of SKU X can be immediately followed by the production of 75 items of SKU Y. Tracking the inventory and the manufacturing operations becomes burdensome and, in some cases, not feasible. Spiridon solutions facilitate mass customization by becoming a source of real-time data required for thoughtful forecasting, shop floor scheduling and routing. (4) Improved safety. Spiridon solutions also help to ensure a safer workplace. Coupled with wearable devices, these solutions can monitor workers’ health and can help combat risky activities that can lead to injuries. Spiridon solutions also address safety problems in potentially hazardous environments. For instance, in the oil and gas industry, Spiridon solutions can be applied to monitor aspects relating to gas leakages as they travel through the pipe network.