The Potential of Connected Manufacturing [Infographic]
The Internet of Things (IoT) is changing virtually every aspect of manufacturing. Here’s a look at six areas where the technology creates potential opportunities and risks.
CONNECTED MANUFACTURING: IoT can bring opportunities and risks
Understanding the opportunities and risks can help make the Internet of Things a competitive advantage
- Predictive maintenance
Opportunity: Increased productivity and fewer costly repairs
Risk: Sensor malfunction could fail to trigger a key warning
- Inventory and supply chain management
Opportunity: Greater insight into shipping times
Risk: A breakdown may cause a problem with tracking
- Quality control
Opportunity: Absolute precision and control
Risk: An IoT flaw could compromise product quality
- Operational efficiency
Opportunity: Reduced cost per piece
Risk: Failure could affect production deadlines
- Workplace safety
Opportunity: Detect/warn employees about hazardous conditions
Risk: Lack of controls could lead to employee injury
- Customer insights and product innovation
Opportunity: Real-time innovation based on customer demand
Risk: Privacy risks if a device is hacked
TAKE ACTION TO MANAGE THESE RISKS
• Adhere to appropriate quality and risk management systems to ensure that IoT devices consistently meet requirements and specifications.
• Build cybersecurity into your devices to help your company and your customers stay protected against cyber attack.
• Evaluate contract practices to manage exposure.
• Discuss relevant insurance coverages with your Travelers representative, including coverage for cyber, bodily injury liability, manufacturing errors and omissions, property and workplace safety.
“CONNECTED MANUFACTURING: WILL IOT TAKE YOUR PLANT OFFLINE?”
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