A recent McKinsey Global Institute report says by 2025 there could be an increased $6.2 trillion in a new global economy thanks to IoT (Internet of Things) technologies. The report also said that a minimum of 80% and up to 100% of businesses could be using IoT applications in some way shape or form by 2025. That prediction means the number of businesses making use of IoT will have grown eight times its current 10% over the next ten years.
With the pace at which we are currently developing new technologies that are absolutely groundbreaking, it’s not hard to believe that either of those predictions could be possible. The Internet of Things allows for constant and immediate communication between, well, things. The ultimate goal is for everything to be connected. The increased efficiency would certainly entice more and more companies to make use of IoT technologies, which in turn would lead to increased profits, accounting for that $6.2 trillion dollars in global economic value.
The IoT offers countless benefits and applications for manufacturing. For example, Predictive Maintenance would cut down on repair costs and drastically reduce downtime for machinery. Predictive Maintenance offers live real-time tracking of the performance and condition of equipment. You would have constant access to data regarding current performance, but also past performance, replacement history, and even the availability of replacement equipment parts.
Rather than having a piece of machinery break down unexpectedly, leaving you caught in the rain, you have a control that receives updates and alerts notifying you on the condition of your equipment.
The best way to fix a problem is to stop it before it before it ever happens. That’s exactly what Predictive Maintenance offers manufacturers making use of the IoT. If you’ve ever been caught with broken machinery, you know just how much it can cost you. Even if you haven’t experienced this first hand, you can see the value in this type of technology.
Until you’re set up with a system that sniffs out kinks before they cause trouble, we’re here to perform any repairs you might need on your Indramat system. Every minute adds up during downtime, so call us as soon as there’s an issue!