The Impact of Industry 4.0 on Asset Management Performance
Due to the digitization of the manufacturing industry, we're in the midst of a significant revolution in the way we manufacture products. This shift is so substantial that it has been termed Industry 4.0 to describe the fourth manufacturing revolution.
Industry 4.0 can transform the supply chain to implement predictive maintenance and asset management strategies.
Manufacturers can use the FactoryWorks MES Solution to set optimum solutions for their production and business goals.
In this blog, Let's discuss the opportunities and challenges manufacturers confront when automating their equipment and plants and how self-described digital leaders handle asset management system and performance compared to other companies.
Industry 4.0 Connects to Asset Management
Industry 4.0 allow for the real-time collection of essential data regarding a machine's or piece of equipment's performance. According to the research, 55% of manufacturers presently use this data to make actionable, real-time, role-based data to make asset management decisions. Another 28% plan to do so within the following year.
Digital leaders are increasingly employing innovative human-machine interfaces on their plant floors, which, when combined with equipment-specific technology, can assist manufacturers in digitalizing machine operation and maintenance.
As a result, digital leaders claim that their manufacturing equipment and processes contain increased percentages of intelligent devices and embedded intelligence.
Impact of Industry 4.0 on Asset Management Performance
The deployment of Industry 4.0 in plants and processes and its impact on asset management activities have increased productivity and profitability for nearly all enterprises. In addition, the adoption of intelligent devices has reportedly improved asset management performance for most manufacturers. As a result, digital leaders are more likely than their catchup rivals to claim considerable improvements.
Industry 4.0 Asset Management Challenges
According to the MPI study, the impact on asset management procedures can be much more significant if network infrastructures could support Industry 4.0 communications. For example, only a third of devices can communicate with enterprise IT systems. In addition, less than half of network infrastructures can now support machine-to-machine communications (e.g., sensors in one machine trigger actions in another).
Many executives cannot get plant floor data due to adequate networks. In addition, only around half of the manufacturers surveyed say they have access to all Industry 4.0-enabled data.
Manufacturers will improve asset management techniques and machine performance thanks to Industry 4.0. Various significant companies in the manufacturing business are implementing industry 4.0 concepts to create more intelligent factories and increase production efficiency and product quality.
Industry 4.0 Key Takeaways
- Setting Industry 4.0 goals based on limited equipment performance is a poor decision (e.g., downtime, excessive start-up times, lengthy changeover times).
- Asset management teams can respond quickly by using smart devices to provide real-time data on how equipment performs (temperature, vibration, and energy draw).
- Implementing technologies (such as machine learning) that enable automated, proactive machine capabilities to assist predictive maintenance, reduce downtime, and increase performance.
There is a maintenance management software package out there that is appropriate for you, no matter how big or small your manufacturing business is.