The benefits of IoT go well beyond merely tracking various metrics related to machine performance for monitoring. Today, with the aid of machine learning algorithms and artificial intelligence, it is possible for manufacturers to predict potential issues in the future. The algorithms take in historical and real-time data from the sensors and use models to predict everything from future breakdown of machinery or downtime, wear and tear and accordingly plan servicing schedules.
This can result in major cost savings for manufacturers as they can take preventative action instead of reacting to failures in equipment. According to research from the Wall Street Journal, 47% of all unplanned outages4 are due to equipment failure, with the cost of repairing a failed asset being 50% greater than handling the problem before the failure.
When deploying IoT solutions for any of these use cases in manufacturing, it is essential to ensure reliable mobile connectivity for the devices. This is what will help manufacturers simplify logistics across regions and centralise operations and distribution. Adopting a multi-domestic solution can also be crucial in navigating regional differences in regulations and for streamlining operations while a single embedded SIM (eSIM) can help OEMs deliver connectivity services over an access point name (APN), resulting in lower costs associated with logistics, inventory, subscription, and roaming.
OEMs looking to take full advantage of the benefits of IoT will therefore need to ensure they have the right partner to meet their connectivity requirements. Singtel is a leader in helping OEMs with their network connectivity needs, with our extensive, power-efficient, and flexible networks. Our multi-domestic connectivity solutions, single eSIM, a unified platform for managing, reporting, and billing, and our local experts can help you tap into the growing IoT-powered manufacturing sector in APAC.
Want to learn how we can help you harness the power of IoT-enabled connected ecosystems? Contact us today.
1 Statista, Internet of Things (IoT) and non-IoT active device connections worldwide from 2010 to 2025, 2021.
2 PricewaterhouseCoopers, Digital Factories 2020: Shaping the future of manufacturing, 2020.
3 Markets and Markets, IoT in Manufacturing Market - Global Forecast to 2026, 2021.
4 Wall Street Journal Custom Content, Emerson, Data is Not a Four-Letter Word, 2020