Tap into the Power of Real-Time Production Information
Manufacturing executives are keenly aware of the power of the Internet of Things (IoT) — and its potential to improve plant performances. Most manufacturers (85%) plan to deploy IoT technologies and increase their company’s application of smart devices in production equipment and processes over the next two years.
Moving forward with IoT-enabled processes can improve plant quality, speed, and costs — more than half of manufacturers cite those as IoT objectives — and generate competitive advantage. But not all IoT opportunities yield the same returns.
The applicability of the IoT to various production processes varies widely, with shipping, warehousing, and document management topping the list of excellent or good opportunities (Figure 1). But every plant is unique. A labor-intensive plant will surely apply the IoT differently than an asset-intensive facility.
Plating or painting
To identify the best IoT opportunities in your plant, ask yourself:
Where could IoT technologies prevent a safety or environmental disaster?
Where could IoT technologies alert management in real time to quality problems?
Which real-time plant insights would help to optimize workflows and productivity?
Which machines warrant 24/7 IoT monitoring?
Where do legacy sensors, controls, and other devices create cybersecurity problems?
Which processes would suppliers want to monitor (e.g., inventory levels for their components or materials)?
Which processes would customers want to monitor (e.g., order readiness and logistics status)?
The list is long, but time is short. Start your IoT journey today.
Article submitted by Bank of America For mid-market companies, business success and responsible growth aren’t mutually exclusive. In fact, prioritizing responsible growth is becoming increasingly important, and successful companies are making sustainability central to their growth strategies. Beyond good corporate citizenship, they are recognizing the intrinsic link between the strength of their business and that of the communities and economies in which they operate. Leading your growth with those goals in mind builds resilience and better solutions for the future. Consider the following: Responsible growth companies perform better. Companies that consider the impact of risks and opportunities on the environment, local communities and society may produce better financial results than those that don’t. Additionally, 90% of companies believe a sustainability plan is important for remaining competitive. Responsible growth companies attract investment. A 2016 study by MIT Sloan Management Review and Boston Consulting Group surveyed 3,000 executives and managers from more than 100 countries. Findings revealed that 75% of senior executives in investment firms agree that a company’s sustainability performance is materially important to their investment decisions, and nearly half would not invest in a company with a poor sustainability record. Ninety percent of executives see sustainability as important, but only
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