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Manufacturing Technology Insights | Tuesday, June 01, 2021
Companies leverage IIoT technology to automate formerly manual operations and remotely manage assets, resulting in increased efficiencies and cost savings.
FREMONT, CA: When most people think of the Internet of Things (IoT), they think of smart home gadgets like thermostats and security systems. The IoT ecosystem, on the other hand, extends far beyond consumer use, resulting in the birth of the Industrial Internet of Things. In industries where maintaining equipment operational is crucial to productivity and safety, Industrial IoT (IIoT) connects machines and devices. Companies leverage IIoT technology to automate formerly manual operations and remotely manage assets, resulting in increased efficiencies and cost savings. Look at major ways that IIoT is changing the game for businesses in the sections below:
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Predictive Maintenance
Predictive maintenance becomes a more agile and responsive process due to the IoT. When a piece of machinery shows signs of deterioration, an IoT device with sensor-equipped microprocessor units can monitor its state and send out automatic alerts. Predictive maintenance IoT applications benefit integrated oil and gas firms the most. Between 2009 and 2013, there were more than 2,200 unscheduled refinery shutdowns in the United States alone, according to research. The cost of these unplanned shutdowns to global process industries is 5 percent of total production (equal to 20 billion dollars per year). Unscheduled downtime costs global refiners an additional 60 billion dollars per year in operating costs due to ineffective maintenance strategies.
Global process companies can save millions of dollars by using IoT sensors and technology to perform maintenance procedures only when they are required. A simple IoT device is incapable of monitoring critical performance indicators in real-time and sending alarms when something goes wrong. This allows operators to resolve problems before they become bigger problems and better schedule downtimes.
Asset Tracking
IIoT is used by equipment rental businesses to perform preventative maintenance on the different climate control, earthmoving, and vehicle rentals that their clients rely on. These monitoring systems cut the expense of dispatching mechanics to cope with unexpected breakdowns. GPS-capable IoT devices also provide rental firms with remote, real-time visibility into the field's location and distribution of assets. Companies can utilize this information to improve logistics planning and customer service by setting up the more convenient pickup and return zones.
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