“The Industrial Internet of Things (IoT) is a network of physical objects imbued with information and communications technologies.” Forbes
The Internet of Things (IoT) is a driving force behind the massive and dramatic change that is taking place within manufacturing. Any business involved in manufacturing, and not familiar with how to integrate with those companies who utilize IoT technologies, will need to become educated quickly if they desire to stay competitive. What is being called the fourth industrial revolution is now under way and the pace of change is accelerating.
The latest industrial revolution is being driven by a steady stream of “How do we…’ questions being asked by executive teams in this increasingly competitive world. Many of those questions can be answered by IoT technology and strategies. A sample of the questions being answered when a company adopts devices, materials and processes which contain embedded information and communications is listed below.
How do we….
• improve profitability?
• improve operational efficiency?
• reduce energy expense and waste?
• minimize operating costs?
• improve ROI?
• reduce maintenance expense and frequency of replacements?
• reduce or eliminate downtime?
• improve product quality?
• improve customer service?
• increase employee safety?
• promote employee comfort?
• attract quality talent?
• improve workforce efficiency?
• increase production?
• manage “just in time” inventory?
One headwind that must be overcome before companies can benefit from IoT is a rather daunting learning curve. Many decision makers, only vaguely familiar with the concept of the Internet of Things, don’t realize all that’s possible when information rich technology is brought into production processes. One company has made it their goal to circumvent that headwind. The Electro-Matic company is introducing IoT to people and companies who can derive the most benefit as they make the learning curve less daunting.
“McKinsey estimates that IoT will have an potential economic impact of up to $6.2 trillion by 2025 and the potential to drive productivity across $36 trillion in operating costs across multiple industries, including manufacturing..” Forbes
Ten years ago the Electro-Matic company decided to share with their customers the in-depth knowledge they had acquired encompassing the rapid changes taking place in technology. In partnership with the Siemens Corporation, their inaugural educational event was attended by 200 people associated with manufacturing. The event was held at Electro-Matic’s headquarters in Farmington, Michigan and it was so well received it has been offered every year since.
Electro-Matic’s educational event, now known as Manufacturing in America, has set attendance records in each subsequent year and quickly outgrew the capacity of the company headquarters to host it. The growth in attendance, as well as the expanded scope of the project, required moving to Detroit’s Ford Field which is home to The Detroit Lions. The massive facility is needed to accommodate the growing number of attendees, as well as the expanded collection of vendor displays, and a long list of learning opportunities provided by industry experts.
Last year over 2,500 people attended this free event and Manufacturing in America 2016 (#MiA16), which takes place March 23-24, is expected to surpass that number (the event is free but registration is requested by clicking HERE).
One significant benefit of #MiA16 is the educational opportunities it provides to manufacturing executives, energy and sustainability managers, finance executives, facility managers, operational engineers as well as commercial property owners. The opportunity to learn about IoT technology, as well as financing options and supporting services, fosters an understanding of how they all work together to answer the “how do we…” questions listed above.
The educational offerings cover a wide variety of topics. Because of a growing understanding of the benefit of energy efficiency in manufacturing, The Energy Alliance Group of Michigan’s CEO, Scott Ringlein, has been invited to discuss the topic at this years event.
According to the U.S. Environmental Protection Agency (EPA), on average 30% of energy used in the commercial setting is wasted. Ringlein will discuss how to reduce the wasted energy and the unique options that can make it affordable including; rebates, tax incentives, and financing. In 2010 Michigan passed Property Assessed Clean Energy financing (PACE video) which is a groundbreaking and innovative method of funding energy efficiency and renewable energy projects. Five years after PACE was passed, most manufactures have never even heard of it. Those who attend Ringlein’s session will learn how this non-recourse, fixed rate, and long-term method of financing overcomes the “traditional barriers” of funding energy efficiency and renewable energy projects while improving a company’s bottom line.
“The best part of the Manufacturing in America event was the opportunity to see first hand new innovations within our industry, & speaking with the companies making these advancements.”
The changes that are taking place because of The Internet of Things can be exciting at the same time they appear to be daunting. Catching a glimpse at all that is possible can be the best place to begin when climbing the learning curve that any dramatic change often entails. The upcoming Manufacturing in America 2016 is the perfect place to get introduced to all that is possible with IoT in manufacturing. If you show up make sure you stop by booth #409 and say hi!
Photos courtesy of Electro-Matic Products, Inc.