The Internet of Things has become a crucial aspect of the manufacturing industry owing to its distinct features that render competitive advantages to enterprises. Over recent years, there has been a substantial rise in the industrial applications and use cases of the internet of things. From inventory management to predictive maintenance and quality control, IoT applications have proved effective at maintaining an efficient workflow while enabling automation at every level.
The industrial internet of things (IIoT) has amalgamated several next-gen technologies like cloud, artificial intelligence, machine learning, and big data. By virtue of these cutting-edge technologies, manufacturers can gain real-time visibility into business processes and manage production schedules with ease. Besides, IIoT is a crucial component of the fourth industrial revolution that is poised to transform the manufacturing industry.
In this post, we highlight the top IoT trends for manufacturing ERP in 2022 with a focus on its industrial use cases.
The internet of things is one of the core technologies under Industry 4.0 that happens to be at the forefront of the fourth industrial revolution. Besides, the industrial use cases of IoT have shot up over recent years, making it a staple element for manufacturing-based SMBs to sustain the cut-throat competition. As per an IDC survey, the manufacturing sector had invested close to $178 billion in IIoT as of 2016. Even today, the manufacturing industry remains one of the top consumers of IoT applications and is likely to retain this position in the coming years. As we approach the year 2022, let us delve into the top IoT trends for manufacturing ERP in 2022.
Big data plays a critical role in the manufacturing industry as it helps extract useful information from numerous data sources. Data holds immense value in a manufacturing business as it can reveal hidden patterns about customers’ likes/preferences and buying habits. That said, IoT devices generate massive pools of data that enterprises can process using advanced analytics tools. Taking into account the increasing number of connected devices, we are likely to witness some major advancements in data analytics in 2022. These new-age analytics tools will help enterprises gain deeper insights into manufacturing processes, rendering access to data sources that were unreachable to conventional software tools.
Business intelligence has already become a staple element for manufacturing ERP that leverages data-driven technologies like AI and machine learning to improve business decision-making. BI application development provides access to advanced analytics tools and data visualization techniques to make smarter decisions for future events with calculated risk. At the same time, BI tools provide effective means for data warehousing, data mining, and compliance management. In 2022, we are likely to witness a widespread adoption of BI tools across the manufacturing and distribution value chain.
Smart manufacturing has been made possible by the advent of the fourth industrial revolution that brought transformative changes to the industry. It refers to computer-aided manufacturing that is characterized by a high level of automation driven by next-gen technologies like AI and machine learning. Evidently, smart manufacturing has already become one of the most sought-after business models for medium and large-scale manufacturers worldwide.
Nevertheless, open-source platforms like Odoo and ERPNext have enabled small-scale manufacturers to embrace smart manufacturing techniques at nominal capital investment. In 2022, we are going to witness a large number of small-scale manufacturers embracing smart manufacturing techniques.
Supply chain 4.0 is yet another endowment of the fourth industrial revolution to the manufacturing industry. Also known as intelligent supply chain management, it aims at accelerating SCM activities and enhancing supply chain productivity. Supply chain 4.0 combines Industry 4.0 technologies like AI, cloud computing, IoT, and big data with complex heuristic and meta-heuristic algorithms to significantly improve SCM activities. As enterprises in the manufacturing industry continue to move towards digital transformation, we are likely to see some major developments in supply chain management in the coming years. Understandably, supply chain 4.0 is going to be a crucial business model that is likely to draw huge capital investments in 2022.
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Here we have discussed the top IoT trends for manufacturing ERP in 2022 and beyond. According to Gigabit, the global industrial spend on IoT is likely to soar up to $15 trillion by 2025. Also, a global survey by McKinsey Digital reveals that 127 new devices connect to the internet every second. These numbers clearly indicate the growing popularity of IoT and its significance to the manufacturing industry. It is quite evident that IIoT is going to be an indispensable part of the manufacturing industry in the near future. That said, it is an opportune time for small and mid-sized companies to amplify their industrial benefits through IoT integration with manufacturing ERP.
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