Manufacturers are increasingly relying on Big Data analytics to help them survive tough business conditions, a report published this week has found.
Conducted by Honeywell, it surveyed more than 200 manufacturing executives and asked them about their interest in the data that comes from IoT devices.
67 percent of respondents said they have plans to invest in data analytics in the future, even if they make spending cuts to other areas based on tough business conditions.
Confident of benefits
Dana analytics can help businesses in many ways, especially in the IIoT sector. Many of the executives had positive views on the benefits and potential of big data.
They agreed that analytics can reduce equipment breakdown (70 percent), unscheduled downtime (68 percent), unscheduled maintenance (64 percent) and supply chain management issues (60 percent).
Ahead of the curve
The respondents were also confident that data can help them and their employees make will-informed decisions (63 percent), limit waste (57 percent) and predict downtime risks (56 percent).
A healthy two thirds of respondents noted that they’re already investing in big data, while 50 percent said their companies will be doing so in the distant future. 15 percent said their companies are “ahead of the curve” thanks to big data.
Not everyone is sold on Big Data
However, not everyone is sold on the idea of data analytics. More than a quarter indicated that they don’t have any current plans to invest in big data and IoT within the next year or so.
Some of the group said they just don’t have the understanding to be able to justify spending on the technology, while others cited a lack of resources and time.
61 percent reported that they already have cost-effective, reliable systems in place to ensure safety and success. And 45 percent said their companies are growing without big data. Meanwhile, 35 percent said people are “overstating” the benefits.
Andrew Hird, vice president and general manager at HPS Digital Transformation, said: “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.”
Tim Clark, head of manufacturing solutions at SAS UK and Ireland, said businesses need to understand that IoT is game-changing for the industry and has many benefits. “The manufacturing industry is set to accrue the greatest economic benefits from big data and the Internet of Things,” he says.
“This can be attributed to the diversity of firms in the industry, and the variety of areas in which efficiency gains achieved through the use of big data and big data analytics can be made, such as improved supply chain management and enhanced customer intelligence.
“Traditionally, manufacturers have focused on promoting the mechanics of their products, but they need to understand that the IoT is a game-changer. Now manufacturers are able to harness large sets of data from suppliers and equipment.
“The streaming of live data and real-time analytics, which is possible via the IoT, can improve production and reduce costs. The bottom line is: you can’t commoditise the IoT without data analytics.”
Related: Germany trumps US on IIoT investment