Business Banking

Making your business “Smart”

Leveraging the IIoT for a more productive future

In a recent survey of global manufacturers, 80% of respondents said they believe that “smart manufacturing” is a key to their organization’s future success and only 5% said they had no plans to use smart manufacturing technology.1 The Industrial Internet of Things (IIoT) is increasingly revolutionizing how business gets done and its presence in factories and warehouses across industries is growing exponentially. By 2025, the number of industrial IoT connections is expected to reach 37 billion, up from an already healthy 18 billion today.2

The IIoT enhances business operations from manufacturing to distribution by automating existing processes, improving production times, streamlining new product development, and enabling greater levels of customization. Some examples of the benefits of IIoT include the following:

IIoT and the Supply Chain

IIoT devices can automatically track the location of each product from storage to delivery and use this data to rationalize in real time the paths of transport assets, saving costs and improving efficiency. IoT information sharing between shippers, carriers, and consignees allows for greater transparency and flexibility, further facilitating the distribution process.

IIoT on the Factory Floor

Smart sensors are allowing manufacturers to capture and analyze key information about their production assets and resources. With an in-depth, real-time view of their machinery, materials, and productive capacity, smart factories can operate more efficiently with shorter lead times while producing a greater range of customized and built-to-order products.

IIoT and Maintenance

With smart sensors and tracking software, manufacturers can monitor the condition of their equipment remotely. This is most effectively done by creating a so-called digital twin or virtual representation of the machine being monitored. With a digital twin, machine learning software can detect malfunctions, run simulations under various scenarios, and even predict when a breakdown is likely to happen. The result is less unplanned downtime and more accurate production schedules.

Just as it's becoming almost unthinkable to live our lives unconnected to the internet, it’s also rapidly becoming as unthinkable to run a business without the help of “smart” machines. If you’re considering upgrading your manufacturing operations to include an IIoT solutions platform, your Washington Trust Relationship Manager can help you evaluate your financing options.

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