Internet of Things
IIoT – Opportunities, Challenges and The Future ahead for Distributors
I
ndustrial Internet of Things is happening right now, but in order to prepare for what’s ahead businesses need to be
aware of the opportunities, challenges and impacts of IIoT prior to the start of this tech revolution, explains GD Rectifiers’ Managing Director, Paul Bentley.
Impacts
IIoT will have a massive impact on the manufacturing industry, businesses will benefit from a more efficient inventory management system, products will be easier to package, track and the likelihood of human errors will diminish. Businesses will have access to more data and metrics on consumer buying behaviours, including: order patterns, buying power and lead time expectations. IIoT will open up a new era of economic growth with the launch of intelligent machines, increased productivity, efficiency and operations of industries around the world. Companies are thought to benefit
from the IIoT through cost savings due to predictive maintenance, improved safety and other operational efficiencies. By combining machine-to-machine (M2M) communication, industrial big data analytics technology and cyber security, the IIoT is driving improved efficiency, productivity and performance and as a result industrial companies in power, energy, oil and gas, manufacturing, healthcare and aviation to name a few are experiencing transformative operational and financial benefits.
My advice to all manufacturers and distributors would be to see how IIoT develops before committing to change, monitor how OEMs adapt and identify the alterations that will improve the efficiency
of your business and implement them slowly, always be prepared to revert back to old practices if it doesn’t work in respect of IoT and IIoT. “It’s important to remember that each business model is different, what works for one distributor won’t work for another. You don’t have to embrace IoT or IIoT in everything, just select the key elements that will help grow your business.”
Opportunities
“Connected technology is changing how we interact with our electronics, we are demanding more and expect to control our favourite devices on the go, remotely and in real-time.” IoT is already being used across manufacturing (IIoT), distribution and logistics to carry out tasks such as send an alert when factory equipment needs maintenance, track the speed and safety of machines and monitor the environmental condition of products during shipment. Every day more and more sensors are being introduced in factories to carry out motor checks on vibration and temperature. IoT technology is enabling manufacturers and distributors to reduce time spent carrying out the admin tasks and enables design engineers to focus on new product developments which will continue to boost the consumer electronics industry. Industrial Internet of Things (IIoT)
offers numerous benefits such as improved connectivity, efficiency and scalability, improved time and cost savings, predictive maintenance, enhanced safety, connects people, data and processes company and industry- wide and provides an accurate analysis of business and product performance.
Challenges “IIoT is evolving, it’s more than sensors, it includes substantial software components. Internet connectivity is taking the world to a new level.”
The demand for connected electronics will continue to grow at a rapid speed and both manufacturers and distributors will need to keep up with the increase in demand.
Businesses will need to focus on technology integration and will need to be able to adapt to emerging IoT and IIoT technologies.
Challenges associated with IIoT include the security of data, integrated systems and software vulnerability and interoperability between devices which includes the ability of computer, software and military systems.
The Future “The industry is about to boom; with IoT, the possibilities are endless.” It’s important for buyers to know whether their suppliers and OEMs have adopted IoT as the initial costs of launching the technology along with potential inflated component prices could jeopardise supplier relationships. It is in the supplier’s best interests to check with the OEM and let their customers know as soon as possible. If a buyer was to receive an IoT bill-of-materials by a supplier without agreeing to the IoT operational costs they should dispute the BOM and explore other production options. Modernising your systems and equipment will enable companies to keep up with market trends, speed and volatility. IIoT enhances connectivity, efficiency, scalability and offers time and cost savings for industrial organisations and helps improve safety and profitability on a large scale. More advanced IIoT applications will emerge over the next few years with a strong focus on augmented reality, wearable technology and Industry 4.0. The future will see a strong focus on sophisticated backend systems and multiple security levels to protect the unlimited data that IIoT will provide. IIoT will soon influence what distributors sell, OEMs and distributors will be able to react much more quickly to product developments and additional stock quantities, reducing customers lead times. IoT will also impact the new component designs driven forward which will in turn effect future technology and consumer buying trends for the foreseeable future.
Although its still in its infancy, distributors need to be ready for how the technology will start to impact their business. The future is fast becoming the present and we need to react to it.
gdrectifiers.co.uk 38 October 2019 Components in Electronics
www.cieonline.co.uk
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52
