Digitalization is being rapidly adopted by multiple disciplines in the public and private sectors, and is ongoing in mature disciplines such as education, healthcare, energy, utilities management, transportation, and infrastructure development. Digitalization in manufacturing is the competitor you cannot ignore, and machine monitoring and optimization drives its success.
In a recent survey from Tech Clarity, over one-half of companies reported that machine monitoring and optimization is part of a broader digital transformation strategy (58%) and/or their smart manufacturing strategy (56%).
Manufacturers are moving to advanced technologies like the Internet of Things (IoT), increasing their focus and digital transformation efforts. Monitoring equipment via the industrial IoT is the foundation for these efforts and many more in the overall corporate initiative.
Here are some of the potential advantages of monitoring and optimizing your machines in manufacturing.
It is no secret that downtime hinders productivity and consumes valuable resources. Manufacturers need operations to be as lean and efficient as possible. Machine monitoring and optimizing enables reliable updates that can help you plan and prioritize maintenance accordingly.
Make informed decisions
Monitoring data from machines and developing useful insights from them is key to making informed decisions about your business. Based on Tech-Clarity’s recent survey, Top Performers are 75% more likely to have the ability to act in near real-time; although, only about one-third report that ability.
Gain more value from current approaches
Machine monitoring and optimization provides bottom line impact. Its benefits translate into real business results. The vast majority of those surveyed, 86%, say that their company’s profitability has increased by monitoring and optimizing machines using the industrial IoT. Over one-third, 35%, say it has increased significantly. Larger companies were even more likely to report significant revenue growth; 44% of companies with revenues greater than $1 billion reported significant profitability increases.
It is evident that monitoring and optimizing machines is a needed step to digitalization in manufacturing. However, the real challenge is that the industry is still in the learning phase regarding these initiatives.
Read our latest ebook, based on Tech-Clarity’s survey of over 200 industrial manufacturing companies, to learn the 5 pillars of machine monitoring and optimization that can serve as best practices for getting the industrial IoT started profitably.