The important role connected technologies play in safeguarding manufacturing resilience has been highlighted with the global predictive maintenance market set to grow exponentially over the next five years.
As the UK continues to be affected by currency fluctuations and a shifting relationship with the European Union, manufacturers are striving for competitive advantage in order to better compete on a global scale – with many turning to predictive maintenance.
Predictive maintenance is forecast to make waves the world over, rising to $4.9bn by 2021, according to the latest study by global research firm, MarketsandMarkets.
With such an opportunity on offer, manufacturers are already investing in predictive analytics solutions in an effort to remain more efficient, profitable and resilient, essential factors in the face of intensifying competition.
Head of the Manufacturing Industry Practice at World Wide Technology, Don Rogers explained: “The ability to predict mechanical production failures, supply chain disruptions and logistics impediments enable the business to make more highly-informed decisions, avoiding costly production disruptions and outages.
According to Rogers, a major US manufacturer is on track to realise some $1bn in savings by the end of 2017 thanks to the integration of IoT sensors and predictive analytics into 550 of its plants.
He continued: “For the manufacturing sector to navigate the economic uncertainties and keep up with global competitors, embracing this data driven world will be key. Future resilience will be based on the ability to reap these ongoing efficiency benefits as predictive analytics delivers increasing returns.”
Learn how bridging the gap between existing industrial assets and the digital world enables improved Overall Equipment Effectiveness (OEE) through Predictive Maintenance.
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Duration: 45 minutes
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Predictive analytics solutions such as predictive maintenance could prove invaluable to those manufacturers looking to reduce downtime and gain better visibility of their processes.
However, Rogers described the application of industrial IoT solutions as a “complex undertaking”, requiring not only the correct implementation of the physical network, but the successful conversion of data into actionable insights that have clear business benefits.
He concluded: “Existing infrastructure must be fully considered and stakeholders at all organisational levels should be consulted before anything is connected to the network. It is only through a holistic approach that firms can harness the power of connected manufacturing.”