The 4th Industrial revolution, which is popularly known as Industry 4.0 focuses more on productivity. The entire value chain has gone to a new level with technological advancements. It starts with product development where new technologies are integrated, offering new possibilities. In earlier days, products are planned according to the capabilities of the equipment to ensure effective production. Nowadays, manufacturers think in terms of function and customer benefits. It is because there are so many technologies such as IIoT, remote assistance, and data analytics available that can easily eliminate the manufacturing challenges.
Interconnecting all the departments has improved the operational efficiency of humans and machines in the industrial domain. The technological upgradation of manufacturing 4.0 solutions has enabled the manufacturers to process and analyze data for decision-making. In this article, we will go through the scope and benefits of Industrial IoT (IIoT) as a powerful technology of Industry 4.0.
But, before moving to the importance of this emerging technology, let’s go through the challenges for small and medium-sized enterprises in industry 4.0.
Challenges of SMEs in Embracing Industry 4.0
Sluggish Approach to Change Management
Introducing new technologies in the production area, never go well with a workforce as they are used to the existing technologies and tools. As the workforce is used to the existing tools, there are high chances that they need to come out of their comfort zone. Moreover, the workforce in small companies finds it difficult to meet stringent manufacturing and delivery deadlines with limited resources and a sudden technological change. To achieve the target, the workforce needs to understand the significance of every technology and its effect on productivity, efficiency, and performance. If the manager can convince the workforce with the right details and benefits of modern technologies such as RPA, remote assistance, or IoT in the industrial sector, then only the entire team gives a nod to upcoming technologies.
Scarcity of Support, Tools, and Resources
Another major roadblock for SMEs is the lack of technical assistance such as tools or resources. Implementing modern technologies like IoT or remote assistance takes a long time. A support team or technical specialists are required to address the challenges which may keep coming in the future. The manufacturers need to consider the support staff before adopting new technologies. The implementation, efficiency, and delivery need to be thought out before taking up new technologies.
Lack of Roadmap for Technological Advancements
Most CEOs of industrial enterprises fear the failure of implementing emerging technologies. It is because proper planning with accurate analysis is required for producing desired results. Understanding technology and the possible ROI it can bring is critical to business. The problem with SMEs is that they don’t have enough resources and time to experiment with new technology unless they are not sure. Hence, it is crucial to have a concrete plan before approving new technology.
Clear-Cut Communication with Stakeholders
Implementation of any new technology in the industrial sector requires is a daunting task that requires many hours, resources, and money. It is a must for the CEOs and managers in any industry sector to know the correct details about the program and its execution. Hence, the admin, managers, and CEO of industry-based companies should clear out every possible communication before taking up the new programs such as how long it will take to install, how it will be implemented, and what would be the possible ROI. It doesn’t stop here as managers need to share and communicate the full details with the workforce as they are the people who need to adopt new technologies.
Let’s see how the Industrial IoT technology can assist SMEs to overcome these challenges and offer the benefits of Industry 4.0.
IIoT- Major Industry 4.0 Solution
When it comes to implementing novel technologies of Industry 4.0, we can consider a wide variety of solutions that can be used across various industries. One of the crucial technology which is taking the industrial sector by storm is Industrial IoT. Industrial IoT Solutions technology can be used in manufacturing, transportation, heavy machinery, oil and gas, industrial machinery, and many other industries for making inventory management and other aspects easy and seamless. Traditional challenges such as unplanned costs, aging infrastructure, and evolving business requirements can hamper progress.
Industry 4.0-related Benefits of IIoT
Remote Asset Tracking
This feature of IoT uses cloud-based technology to gain information about assets from anywhere at any time. Remote asset tracking leverages sensors and connected devices for detecting the asset’s geo-position and movements. In this way, real-time safety and performance monitoring of assets become possible.
Asset Workflow Automation
IoT-driven automation is carried out by connected devices. It simplifies the mundane and monotonous work to accelerate the business processes with maximum accuracy. Moreover, automation by IoT reduces errors and improves team productivity using the powerful automation capabilities of IoT.
Asset Health/Condition Monitoring
The smart asset monitoring of IoT evaluates health indicators and related risks and incidents. Furthermore, IoT also offers recommendations for improving asset conditions. Project managers can know the condition of all assets in real-time and from anywhere.
Asset Lifecycle Management
An asset lifecycle involves various stages involved in asset management. It initiates with the planning and continues to the disposition and launching of a product. IoT helps in maintaining asset portfolios and determining the ROI that can be achieved for various assets all over the lifecycle.
With robust and reliable IIoT solutions, small and mid-sized enterprises can execute their planning effectively, thereby enhancing overall productivity and efficiency. SMEs can easily overcome challenges related to Industry 4.0 with the help of advanced IoT solutions with user-friendly features.
Rejig Digital is a trusted name for developing high-end digital transformation solutions for various companies across various industries including FMCG, automotive, manufacturing, healthcare, BFSI, power, chemicals, pharma, and transportation. Our customized IIoT solution empowers modern enterprises to grow by increasing operational efficiency, reducing operational expenses, and generating profitable revenue.