Achievable Benefits by adoption of Internet of Things (IoT)
Internet of Things (IoT) is developing a network by connecting various operating processes and machines, though sensors or devices. These sensors capture data like temperature, pressure, process parameters, quantity, quality parameters, materials movement, and many operations. This data is captured in real time basis and communicated to Cloud storage. Considering this data volume is termed as Big Data. This data develops a connected organisation. The Big Data can be analysed based on business processes required to generate Alarms to respective process in charge or if automated, can take required process action also. This is a concept of IoT. Last few years, there is a jump in use of IoT uses and is likely to increase exponentially. This will lead to Industry 4.0.
Benefits from implementation of IoT
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Improved monitoring of process parameter, which leads to better product quality.
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Improved equipment utilisation leads to better plant performance.
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Improved equipment utilisation leads to better plant performance.
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Improve Sales and Operations Planning, improve customer satisfaction.
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Control Operation cost, improve product profitability.
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This can help to develop new business models.
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Improve Integrated Business Planning
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More accurate commitments to customer for product requirements
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Improved visibility of customer orders
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Support Industry 4.0 requirements