The new survey titled “Data’s Big Impact on Manufacturing: A Study of Executive Opinions” conducted by Honeywell questioned 200 manufacturing executives on the subject of IIOT and big data. They opined that most of the manufacturers plan to increase investments in big data analytics over the imminent years while hampering other technological investments. Honeywell’s demonstrated automation technologies and potentialities can permit manufacturing systems to connect to Industrial Internet of Things.
Andrew Hird, vice president and general manager, HPS Digital Transformation says, “Executives need to keep their businesses running smoothly and safely, and they’re banking on IIoT technologies to help navigate challenges, even during cash-strapped times”. “For more than 40 years, Honeywell has provided leading automation technologies that help manufacturers meet those goals. The IIoT by Honeywell is the next step in that evolution”.
An unbreakable pattern of market scenario:
Unscheduled downtime was ranked as the top threat to maximizing revenue, but 42 percent of respondents admitted to running equipment harder than they should. When asked how often their companies experienced a list of issues in recent years, 71 percent of respondents said they experienced equipment breakdowns at least occasionally, while 64 percent said the same for unscheduled downtime.
Hird says, “Running plant equipment harder than appropriate presents a host of issues ranging from equipment breakdowns to potential safety incidents”. “Those issues inevitably lead to more downtime, which leads back to lost revenue. It’s easy to see how many companies feel they’re caught in a vicious cycle. Predictive analytics achieved through an effective IIoT by Honeywell solution can help companies break out of that cycle”.
Spontaneous trend was about 40% that acted as a gigantic threat to augment revenue. Variant risks encompass Supply chain management issues of about 39%, short staffing of about 37%, Off-spec products of about 36% and equipment failure of about 32%.
Data analytics as a workable solution:
Data analytics is a key ingredient of a successful IIoT application for manufacturers. Most respondents had approving views of the benefits of data analytics as a solution. For example, The reduction in the occurrences of equipment malfunction of 70%, Unscheduled downtime of 68%, Unscheduled maintenance of 64% and Supply chain management issues of 60% in the big data analytics was agreed by the executives.
Respondents said they believe data can enable well-informed decisions in real time of 63%, limit waste of 57% and predict the risk of downtime of 56%.
Hird says, “It’s easy to put that puzzle together – these executives correctly believe data analytics can help them combat the biggest threat they see to business: unscheduled downtime”. Additionally, more than two-thirds of respondents (68 percent) said they are currently investing in data analytics, and 50 percent said they believe their companies are right on track in their use of data analytics. Fifteen percent said they believe their companies are ahead of the curve as it relates to data analytics usage.
The plan to invest or increase the investments in data analytics by the respondents in the year ahead was already carried out. Out of which 32% percent said their companies are not planning to invest in data analytics in the next 12 months, or are unaware of any plans to do so.
61 percent believe that the organizations have already installed systems in place to ensure safety, yield and success. 45% said their companies have seen some growth without data analytics. 42% said that they don’t fully understand the benefits of big data and 35% believe people are overstating the benefits of big data.
Sixty-three percent of respondents who said that they have no investment plans indicated as they just don’t have the capital to appropriately do so. While 39 percent said they don’t have the right staff to make the most of data analytics.
Hird explain, “For some companies, hurdles remain before the IIoT can be fully adopted”. “Some don’t believe they need it while others say they lack the resources to do it right. The good news is that IIoT is something that doesn’t require a wholesale change – it can be phased and scaled depending on an individual company’s circumstances. This is precisely why Honeywell says IIoT represents an evolution, not a revolution”.