More than 40% of manufacturing managers believe that Internet of Things technologies are critical to drive business growth, but admit a lack of digital culture is preventing progress.
With increasing numbers of businesses seeking to adopt a ‘predictive’ engineering approach, it’s no surprise that the Internet of Things (IoT) has become top of mind for the majority of senior leaders.
The use of machine learning is seen as almost as important, with close to a third (31%) of managers labelling it’s a “critical” when implementing a predictive engineering programme.
The study – published by HSO – also revealed that manufacturers are significantly further behind other industries when it comes to digital transformation. Surprisingly, 26% of those polled admitted that their businesses lack digital culture while a further 24% complain that there is a need for a greater technology infrastructure in their business, necessary to make predictive engineering impossible.
These suggestions highlight a sense of frustration among some manufacturers, with 88% of managers admitting that technology plays a key role in driving forward the implementation of predictive engineering.
How much value is in predictive engineering?
The global predictive maintenance market is expected to grow exponentially over the next five years, forecast to reach $4.9bn by 2012.
An ability to predict mechanical production failures, supply chain disruptions and logistics impediments enables businesses to make more informed decisions, avoiding costly production stoppages.
For manufacturers to navigate uncertainties – economic, geopolitical or meteorological, embracing data is key. Future resilience will be based on the ability to reap ongoing efficiency benefits through ever-more sophisticated predictive analytics and algorithms.
The UK’s biggest digital manufacturing show!
Liverpool and the North West’s advanced manufacturing is in the spotlight as the region plays host to 4,000 manufacturers from across the country at The Manufacturer Smart Factory Expo.
The UK’s largest standalone Fourth Industrial Revolution (4IR) expo coincides with the government’s much anticipated Industrial Strategy, and features:
- Dedicated Exhibition Zones – Industrial Automation, Digital Transformation, Smart Factories, Industrial Internet
- Free conference content – Close to 100 presentations from world-class manufacturers and technology experts over two days
- Innovation Alley – lifting the lid on the UK’s manufacturing tech start-up scene
- Hack & Pitch – real engineers, tackling real problems, in real time!