What are the benefits of IoT technology in electronics and manufacturing industry?

What are the benefits of IoT technology in electronics and manufacturing industry?

In today’s age of Industry 4.0 and the rapidly rising technology, the electronics and manufacturing industry is the industry where IoT has the maximum scope and implications. IoT is a core component of the revolution of electronics and manufacturing industry around the world. Both the industries have been on a rapid surge in recent years, and much of it can be attributed to the IoT and other technological advancements.

Internet of Things, IoT is a network of connected devices and systems which facilitate the exchange and transfer of data and information. IoT comes with a host of opportunity when it comes to the manufacturing and electronics sector. By integrating cloud technology to the electronics appliances one will be able to ingest data, understand the behaviour of the consumers, and provide better services. This can also help in adding value to the lifestyle of the consumers.
When it comes to the manufacturing industry, IoT can bring revolution with smart manufacturing. Smart manufacturing can use the power of data and analytic to deduce what needs to be done at that time. This can help in running the facility better. It can also help in connecting information from sensors which can be integrated into the manufacturing equipment. This can help organizations in understanding how optimal performance can be attained. A huge amount of data that can be collected can be used to gain valuable insights. These insights can help the manager to understand the favorable condition for the equipment to operate, need for maintenance, and any other requirement.

Let us look at some of the benefits of IoT 4.0 technology in electronics and manufacturing industry:

 A surge in innovation: It is a noted fact that companies who have started using IoT 4.0 experience a rapid surge in innovation. Once it is applied, the industries understand their businesses better. Gone are the days when data in the manufacturing industry were only in isolation, with an integration of information there has been a rapid surge in innovation across both the industries. The integration of the data should be done across the boundary
of the organizations.

 Higher efficiency: When it comes to the manufacturing industry, energy is one of their biggest expenses. The utility bills consume a lot of money and the problem lies in the fact that there is no way to understand and break-down the bills. IoT 4.0 closes this gap and helps to understand the data down to the basic level. This can help you in understanding the dynamics of a particular machine, thus increasing efficiency. Managers can track waste,
ways to attain efficiency, and even failure rates. This can help in determining which machines perform better and use it as a benchmark for other types of equipment.

 Predictive Maintenance: The biggest benefit which manufacturing industry can get with IoT 4.0 is simplifying the maintenance. The maintenance can be done pro-actively with the help of IoT. A manager does not need to schedule and plan for it but instead can get live data to track which devices and types of equipment need maintenance. Sensors can be connected to different types of equipment which can provide information about it. This helps in cutting down the cost significantly. It helps in assessing where the need for maintenance is higher comparatively.

 Real-time delivery of information: With the advancements of the technology, machines can be connected over LAN which helps in getting details about them in real time. This helps in optimizing the various processes thus reducing the cost. This also helps in assessing the status of the wear and tear of the particular equipment and whether there is a need for spare parts. The complete production process can be checked and monitored for quality. This helps in making the whole process transparent which helps in higher efficiency and a lower operating cost.

 Better quality of products: One of the biggest benefits for IoT 4.0 in electronics and manufacturing industry is the higher quality of products that can be achieved using it. Along with a better quality product, it also helps with lower costs, decreased wastage, and higher efficiency. IoT helps in checking whether the devices and types of equipment are calibrated
properly to get the best quality of the products. Not keeping a check on the quality can lead to adverse effects as dreadful as a product recall. This can be extremely costly and can also extensively damage the goodwill of the organization. Using IoT sensors to keep a check on the quality throughout the production process can though be beneficial in making sure that
the products are of high quality.

 Faster and better decision making and reduced downtime: Because of the fact that the managers are always aware of the basics of the products, processes, and everything. They have hands-on-information regarding all what one could ask for. This helps them in efficient and fast decision making. They have vast resources of insights to which they can refer to in
order to make an informed decision. So because of IoT, they can be proactive rather than reactive. It can also help them in reducing the downtime as they get informed about a potential problem even before it occurs. Downtime can lead to huge losses, because of which it is important to make sure that there are none. IoT helps in safeguarding the
organization against such loses.

The electronics and manufacturing industry today is extremely competitive with companies trying to bite into each other’s share. Each and every company today is looking for something which can provide them with an edge over their competitors. To become more efficient, reduce their costs, reduce downtime, increase profitability, and provide better customer service, they all are looking for something. IoT4.0 provides tools which can help these companies in becoming the next big thing. It gives data into the hands of the organization, which they can use to get that edge. The emergence of IoT won’t only create unbelievable value for the customers, but it will reap higher benefits for the organizations themselves.

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