The role of IoT technology in the Metal Fabricating Industry (Part 1)

Ultimately, the metalworking industry needs differentiation and tools to help stakeholders to level up their products and services for customers. Here’s how. Article by Helen Masters, INFOR.

Singapore’s government, led by Prime Minister Lee Hsien Loong, has in recent years identified four technology sectors that Singapore needs to build on; one of which is Internet of Things (IoT). For a small country with a population of just 5.64 million, Singapore has truly transformed itself into a hotbed for technology and innovation, becoming a magnet for foreign companies with regional headquarters and being an example for the rest of Southeast Asia.

With IoT technology, metal fabrication companies based in Singapore are in a position to once again lead the rest of the region with value-add to customers and streamline processes. But will adding condition-tracking sensors to equipment be enough? Is IoT technology the cure-all for tight margins, escalating customer demands, volatile pricing, and aggressive competition? Well, that depends.

The Background in a Snapshot

IoT has been generating buzz that spikes then ebbs, like the tides. Grandiose projections for potential economic impact create optimistic swells. Media pundits herald IoT technology as the key driver behind waves of digitalization. But, then, mixed feedback pops up. Some early adopters realize their tidal waves of data need to be aggregated and analyzed further in order to have practical applications. Data overload is a common issue to resolve.

As more and more projects move through proof-of-concept stages, it becomes clear that deploying an IoT plan is not as simple as flipping a switch. Often, several solutions are required in order to achieve the specific results desired. There is, though, one factor common to all successful initiatives: a foundational strategy and plan for data consumption must be in place to avoid data overload. Analytics with built-in artificial intelligence (AI) separates programs with marginal results from ones with game-changing, differentiating outcomes.

How Do Metal Fabricators Avoid Common Mistakes?

When designing programs to leverage IoT technologies, metal fabricators should focus on applications which will bring measurable impact on the bottom line. Because of the industry’s ultra-thin margins, any tactic which helps to control costs and boost productivity will be of value. Those incremental gains, though, may not be enough to be true attention-getters for customers.

Fabricators wanting to differentiate their business from the onslaught of competitors will need to aim for bigger, better, more unique gains in order to impress the highly demanding B2B customer.

Source: Equipment-news