The survey shows that anaytics are becoming core to what Honeywell refers to as the industrial internet of things (IioT) as a way for companies to save money on equipment maintenance and repair by providing insight into when machines need service.
The survey, conducted by Honeywell Process Solutions (HPS) and KRC Research, polled more than 200 North American manufacturing executives.
The study, entied “Data’s Big Impact on Manufacturing: A Study of Executive Opinions,” showed that a majority of respondents said they are already investing in data analytics technology. In addition, the survey indicated that manufacturing executives view unscheduled downtime and equipment breakdowns as the biggest obstacles to maximizing revenue.
Yet, more than a quarter of respondents said they don’t plan to invest in data analytics in the next year. These respondents cited inadequate resources and lack of understanding as key reasons for their lack of investment.“Executives need to keep their businesses running smoothly and safely, and they’re banking on IIoT technologies to help navigate challenges, even during cash-strapped times,” said Andrew Hird, vice president and general manager of HPS Digital Transformation, in a statement.
“For more than 40 years, Honeywell has provided leading automation technologies that help manufacturers meet those goals. The IIoT by Honeywell is the next step in that evolution.”Meanwhile, although unscheduled downtime ranked as the top threat to manufacturing sucess, 42 percent of respondents admitted to running equipment harder than they should.