Connected Services for Asset Management in Manufacturing
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:
Ensuring data availability
The first step towards transitioning into a data-driven decision-making practice is to ensure that enough data is being tracked across all operational silos. Most manufacturers have a diverse range of assets under management within an industrial establishment. The challenge scales up as more manufacturing facilities are brought into the picture in alignment with business growth. Manufacturers need to turn equipment and machinery into smarter versions by integrating with smart sensors that measure and collect operational data, streams and supply to a central processing server on the cloud or on-premises.
Breaking the silos
Excessive use of legacy mechanisms to track operational data can turn into a massive hurdle in implementing a connected experience for manufacturing assets. Poor integration between different systems, the use of multiple spreadsheets & manual records, absence of electronic utilization logs, adds up to form a siloed data framework. Data in silos prevent decision-makers from acting on a single source of truth. The solution here is to onboard a more innovative and digitized data management practice along with standardized data formats. By empowering asset managers and associated stakeholders with the right tools to manage data and follow standards, manufacturers create the perfect gateway to a connected experience in asset management.
Strategic end-to-end approach
With expansion of businesses, asset management turns into a more complex initiative for manufacturers. Managing the scale of devices or machinery that needs predictive or proactive maintenance, demystifying performance bottlenecks, and streamlining resource utilization are pain points that need to be solved. The best way to approach this challenge is to try to bring visibility into the entire lifecycle of an asset. To achieve this, manufacturers must develop an end-to-end strategy that encompasses a framework for managing the lifecycle of every machine or equipment in use. They need constant monitoring and reporting on the quality of produce, machine availability, and operational performance.
If we analyze these three major challenges in asset management for manufacturers, an underlying problem comes out - the lack of a centralized technology platform that can connect all machinery and facilitate information exchange. Bringing onboard such a state-of-the-art platform can help liberate manufacturers from many of the pain of ensuring end-to-end asset lifecycle management. It opens numerous possibilities such as empowering virtual operations modeling to discover potential faults and estimate costs of repair, forecast asset replacement or proactive machine maintenance cycles and plan for optimal utilization of all assets during the entire lifetime of operation.
This is where Delpheon comes into the picture. Our solutions empower businesses to build highly connected asset management experiences. By translating machine data into insights that guide asset maintenance cycles, Delpheon creates unparalleled visibility and effortless tracking of overall asset health.
This is where Delpheon comes into the picture. Our solutions empower businesses to build highly connected asset management experiences. By translating machine data into insights that guide asset maintenance cycles, Delpheon creates unparalleled visibility and effortless tracking of overall asset health.
Get in touch with us to know more about building a connected experience for your manufacturing assets with faster ROI.