Today manufacturers are increasingly dependent on the fitness levels of their physical assets to keep the show running. Demand spikes, unforeseen disruptions in the wake of unforeseen events like the pandemic and changing demands for innovation etc. gets combined to define a new perspective on the utilization of assets in a manufacturing facility.
In fact, the market for IoT in the manufacturing sector alone is estimated to be over USD 87.9 billion by 2026. As smarter machinery and equipment become a mainstay in manufacturing, the need to have connected services for the management of these machinery becomes critical for the industry.
Rising competition and budget constraints are making manufacturers realize that they need to strive towards achieving more with less! This means optimal production-line utilization, zero downtime, and cost-effective maintenance. and equipment availability has become critical. In Order to achieve these feats, one fundamental requirement is to ensure seamless information availability from across the operational landscape. In short, every piece of equipment needs to supply the right data at the right time to the right system. With this data, decision-makers would be able to manage asset performance diligently and tune them to respond dynamically to business demands and trends.
However, achieving a connected information ecosystem for asset management in a manufacturing environment is not easy. There exist several challenges that obstruct the free flow of data and elevate the risks of asset performance downgrades.
Let us explore the key challenges that manufacturers must tackle to achieve seamlessly connected services for asset management:
