Development of IoT in Industry: New Opportunities and Risks
A press release recently published stated that by 2020, the share of IoT in the market for machinery used in manufacturing industries will grow to $13 billion. In light of such rapid growth, many companies are eager to capture their share of profits. However, some of them are trying to achieve results quickly without assessing potential risks, which can lead to serious consequences.
Prospects of IoT Technology in Manufacturing
IoT in the industrial world can provide new information flows and methods of obtaining them. By connecting smart devices to networks and conducting data analysis, real-time advantages can be gained. But much of the information coming from the media about IoT platforms has a clear marketing component, prompting companies to increase spending in this area.
Discrete Manufacturing vs. Implementation in the Production Process
Discrete manufacturing can be compared to assembling a LEGO construction set. It reflects how companies shape elements to create the final product. By simply filling in limited and controlled elements, a foundation has been laid for the use of "big data." However, it should not be forgotten that universal virtualized solutions may not be suitable for all manufacturing processes.
For example, whiskey production resembles a process where each element is an important part. The yeast added during preparation is just one of the controlling components. The quality of the final product depends on many factors that need to be considered for producing high-quality goods.
Benefits of Collected Information
The main task addressed by IoT technology is to ensure visibility of information and processes in real time. While the importance of visibility is critically significant, one should not focus solely on this aspect. Preventive measures are becoming the primary strategy in modern manufacturing.
The "Internet of Things" technology is rapidly evolving, and while no one can say for sure where it will lead, many experts predict that it may become the foundation of a new industrial revolution known as "Industry 4.0."