The internet of things is growing. Digital assets connect form networks of smart machines in vast numbers every day. However, adoption of these technologies is still low compared to what it could be. A probable cause is that the majority of plants today have legacy equipment that is not digital ready. This inconvenient prevents many product and operations managers to take advantage of the latest developments in machine intelligence and analytics. However, you can still leverage analogue assets by augmenting them with digital capabilities.
Machine Learning is the looking glass through which we can observe a wide variety of phenomena. It serves as a tool for scientists and practitioners to identify patterns and capture the inner workings of almost any process, from the mutations take place in your DNA to why are your customers excessively purchasing “candy-shaped sunglasses.”
Recommendation engines are a great tool for established companies to enhance product discovery and increase customer lifetime values. They are awesome for creating automated personalisation services for businesses that have an existing customer base, constant traffic, and massive inventory.
Mining is a global industry that is fundamental to every product we use. A vital component of the mining sector is efficiency because most of the production revolves around transforming matter into different forms. It is often the case that small improvements in execution speed, process efficiency, or reduced downtimes separate a profitable operation from a complete failure.
Factories are now in a privileged position because they can monitor every aspect of their production process in real time by connecting all pieces of equipment to the internet. Moreover, implementing smart algorithms will facilitate project and operations managers to control every aspect of the production process, to find out when a machine will need maintenance, and when they need to adjust production due to changes in demand which will lead to lower production costs and improved efficiency.
Over the years, industrial automation and control together with other operational sit technology (OT) systems ensured that production operations efficiency increased. However, with the gap between IT and OT systems rapidly closing, newer solutions show considerable promise for improving overall enterprise efficiency. These solutions are part of a new industrial revolution generated by the advent of the Industrial Internet of Things.
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