Digital twin helps with design, worker safety, and employee training, especially when paired with other virtual and augmented reality technologies.
FREMONT, CA: Businesses in every area are reaping enormous benefits from Internet of Things (IoT) technology, and the industry’s growth reflects this trend. According to a study, the Internet of Things might have an 11.1 trillion dollars economic impact by 2025. Data collected from IoT devices is also rising at a breakneck pace, with one study predicting that by the end of 2021, data from IoT devices will have surpassed 800 zettabytes.
But why is this occurring, and what exactly are IoT devices doing for businesses to cause such rapid growth? It can be broken down into two categories: saving money and earning money. When IoT enables a firm to add a subscription model to their offerings, earning repeat revenue, it is one example of IoT generating revenue.
How IoT decreases costs differs per industry. IoT saves money in the manufacturing sector by:
Lowering overall maintenance costs through predictive maintenance principles.
Increasing worker safety during training and repairs.
Identifying and resolving production bottlenecks.
Bridging the gap between floor employees and executives.
Providing insight into potential changes and opportunities before the money is spent on action.
Give below are a few cost-saving IoT use cases in manufacturing.
Predictive Maintenance, Rather Than Scheduled Maintenance, Eliminates Unexpected Downtime.
Does one have any idea how much-unscheduled downtime costs? If a firm represents 80 percent of businesses, the response is probably no. When machinery breaks, it can bring entire manufacturing lines to a halt. According to a study, 70 percent of businesses are unsure whether their manufacturing machines require maintenance or updates. As a result, 82 percent of the organizations in the research had unplanned downtime in the previous three years, with an average disruption lasting four hours and costing 2 million dollars.
Eyes in Places the Firm Did not Know it Needed Them
The technology that drives maintenance forecasts is machine learning, which is a subset of Artificial Intelligence (AI). Bringing together IoT and machine learning in manufacturing to create a ‘digital twin’ is one method to get the most out of both. A digital twin is a type of simulation that examines the machine's historical behavior and their current state to forecast their future behavior. Predicting future behavior through this channel reduces catastrophic disruption and total maintenance costs while also increasing production efficiency.
Digital twin helps with design, worker safety, and employee training, especially when paired with other virtual and augmented reality technologies. Consider a worker who can see into a machine’s faulty inner workings without removing any protective shielding. It is like having eyes inside the machinery at all times.