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White Paper

Harnessing the Power of IoT in Manufacturing

 

According to Gartner, the installed base of the Internet of Things (IoT) is likely to reach 26 billion by 2020. Latest manufacturing trends also indicate that equipment manufacturers are increasingly rolling out more connected products. This paper highlights the importance of Internet of Things in predicting parts failure and its role in the success of a product boosted with a client success story.

Exploring the potential of Internet of Things

Gartner says that there will be 4.9 billion connected devices, embedded with sensors, in 2015, a huge 30% increase from 2014. Additionally analytics will help manufacturers take IoT to the next level by turning sensor data into actionable insights that will eventually allow manufacturing organizations to achieve operational excellence and avoid high costs of equipment failures.

The Importance of parts failure prediction in driving product success

Original Equipment Manufacturers (OEMs) and parts suppliers are constantly looking for ways to achieve superior product performance for greater market success through parts failure analysis. Few ways in which parts failure analysis influences product success are:

  • Improve design
  • Warranties Management
  • Hassle-free warranty claims

Analytical models for predicting parts failure

Statistical tools and techniques are critical components of these analytical models and can be applied depending on the context of parts failure prediction. Two major categories of these are:

  • Conventional analytical models
  • Composite analytical models

To choose an analytical model: top three criteria

The choice of the right analytical model determines the predictive accuracy of parts failure. It is therefore critical to diagnose critical factors before zeroing in on the right analytical model to predict parts failure.

Building a smarter manufacturing business

Manufacturing organizations are at the cusp of creating a data-driven business to improve results. And implementing analytics across the IoT enabled installed base is the most crucial piece of this data puzzle. As the IoT goes mainstream, analytics will be the key to building smarter, more efficient, and profitable manufacturing businesses.