The Potential of Connected Manufacturing [Infographic]

CONNECTED MANUFACTURING: IoT can bring opportunities and risks

Understanding the opportunities and risks can help make the Internet of Things a competitive advantage 

1. Predictive maintenance 
   Opportunity: Increased productivity and fewer costly repairs      
   Risk: Sensor malfunction could fail to trigger a key warning
2. Inventory and supply chain management
   Opportunity: Greater insight into shipping times
   Risk: A breakdown may cause a problem with tracking
3. Quality control
   Opportunity: Absolute precision and control
   Risk: An IoT flaw could compromise product quality
4. Operational efficiency
   Opportunity: Reduced cost per piece
   Risk: Failure could affect production deadlines 
5. Workplace safety
   Opportunity: Detect/warn employees about hazardous conditions     
   Risk: Lack of controls could lead to employee injury
6. 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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