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Data as the main fuel of the digital economy

15. 12. 2020 Automation & Electrical Engineering

The current situation caused by the epidemic has affected the business and operation of manufacturing companies to the same extent as our personal lives. In just a few months, our daily habits migrated from the physical world to the digital, which further accelerated the use, implementation and development of new technologies and solutions in various industries. Technology as a tool cannot significantly help to improve the state or make progress, because every tool, device or machine needs energy for smooth operation. In the digital world, the key fuel that drives tools, technology and, last but not least, the entire digital economy is data that is transmitted as impulses through the digital nervous system. 



Data is a key element in the digital nervous system

Can you imagine working from home, where you have the most advanced tools, solutions and technologies at your disposal, but you have no real connection with the parent company, communication between employees is poor and you have limited access to key data that you need for your work? Such work would probably be quite boring and tiring, because in each of your work activities that bring added value to the company, you would have to invest much more energy, time and will to obtain relevant information and data. Unfortunately, these activities do not bring added value to the final product, which the company could use as a competitive advantage. In this case, the digital system would hinder you because it would “run dry”, similar to an engine without fuel. 

Manual entries reduce the value of the data

Traditional production requires the engagement of a large number of people to ensure smooth flow of information throughout the company and the production plant. This means that the people in charge of the various activities contributing to the manufacture of the final product devote a considerable amount of time and energy to the flow and generating of key information and data for the smooth operation of production lines and the operation of the company. This means that they also perform activities that do not bring added value to the product and business results.



Manual transfer, entry and generation of key information do not add value to the final product.

Based on market research, manual entry, transfer and generation of data still represent an integral part of many manufacturing plants despite the obvious shortcomings.

  • 48% of manufacturing companies use various methods and tables for manual data collection
  • Only 12% of the above mentioned 48% of manufacturing companies are able to make appropriate decisions based on manually collected data
  • 76% of manufacturing companies believe that technology can help them gather key data

The purpose of IIoT is to provide automated data flow

The idea of using sensors to track goods or monitor machines is not new. Currently, the times are more favorable for mass monitoring of devices, machines and processes due to low prices of sensors, the availability of high-performance wireless network and the emergence of advanced big data analytics. This enables production companies to introduce a new way of management, communication and operation.



The data obtained from the sensors provide a detailed insight into the situation, which brings the following benefits:

  1. Improved operational efficiency
    Sensors with accurate monitoring of production performance allow troubleshooting before a problem occurs.
  2. Increased productivity
    Based on the data obtained in real time, IIoT enables the optimization of production processes and work activities.
  3. Significant energy cost savings
    IIoT enables enormous savings in energy consumption.
  4. Reducing inventory costs
    Optimizing the entire supply chain and reducing the need for excess inventory.
  5. New business models
    Product manufacturers have the ability to obtain data from the actual use of finished products, which allows them better diagnostics and predicted maintenance.

 

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Sources

  • https://www.kolektoravtomatizacija.com/sinaproiiot
  • https://www.industryweek.com/technology-and-iiot/article/21120493/unlocking-data-value-in-manufacturing
  • https://medium.com/blockchain-association/kaj-je-digitalna-ekonomija-31ebd2587c1e
  • https://internetofthingsagenda.techtarget.com/

 

 

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