Role of Internet of Things (IoT), Machine Learning (ML), Artificial Intelligence (AI) in manufacturing industries
The manufacturing organizations are facing a number of challenges to sustain and grow due to the current crisis arising out of the pandemic. The organizations are looking at various options to tide over the crisis they face today. Some of them are looking within to improve the operational efficiency and customer quality by optimizing the resources, cautious investment, and utilizing the existing solutions & technologies effectively. Others are considering this as an opportunity to bring in new technologies and remove the inefficiencies in their systems.
The technologies like Internet of Things (IoT), Machine Learning (ML), Artificial Intelligence (AI), Robotics & Shop floor simulation, etc. have started to play an important role in the day-to-day operations of manufacturing industries. Many organizations in India are investing in these technologies, especially the IoT platforms within the shop floor to streamline and automate the processes and deliver on goals. The Machine to Machine & Resource connectivity, Automation across the production/assembly line and Robotics & Shop Floor Simulation in a virtual environment are some of the important areas that are being addressed immediately across many of the customer sites in India.
Industries are validating the technology players across various parameters in their selection criteria with cost as the primary factor followed by technical capabilities, service provider capabilities, long term support, security, scalability, and flexibility that plays a significant role in choosing the IoT platform or ML or AI Technology.
Many IoT players in India are making a big impact on manufacturing industries right from the large scale to SME sectors, in recent times, with customers coming forward to embrace the technology. Several companies have started implementing the IoT platform and those who implemented are getting to realize the benefits greatly.
Some of the real values and benefits that manufacturing industries are getting to realize after adopting these renowned technologies are:
- Achieve Customer Centricity
Customer satisfaction is the primary factor that every business must focus on. The IoT advancements like mobile card readers, smart trackers, etc., will help businesses to enhance their customer experience.
- Increase Productivity
AI-driven robots work for 24-hours a day and minimize the manufacturing operational expenditure while increasing productivity. IoT helps to gather real-time data from multiple machines, which results in improved performance and reduced workload. IoT also helps in offering just-in-time training for employees, reduce mismatch of skills, and improve labor efficiency while enhancing productivity.
- Cost Saving
These advanced technologies provide predictive analytics and real-time diagnostics which helps to drive down the maintenance costs. Predictive maintenance allows manufactures to predict the system or machine failures and helps in preventing manufacturing downtimes. The minimized downtimes, process efficiencies, and optimum asset utilization saves your investments.
- Increase Business Opportunities
IoT enables new business opportunities and allow organizations to benefit from the revenue streams generated by exceptional business models and services. These emerging technologies empower companies to build strong business cases, minimize their time to market, and boost ROIs. They have the potential to transform the way businesses approach the world and open doors for numerous opportunities.
- New revenue streams
The time to roll out new products or services in the market is always swift and efficient with the help of the latest technologies. They help businesses predict customer behaviour and interests, which enables them to quickly plan and deliver the new revenue-generating offerings.
EDS Technologies, a platinum partner of Dassault Systemes is helping companies to discover ways to overcome their manufacturing challenges owing to the current pandemic and market conditions to rebound back stronger, leaner and with increased agility utilizing the 3DEXPERIENCE platform. You can leave a message at email@example.com in case you wish to talk to our industry consultant on this.