Understanding Connected Manufacturing
New technologies can bring both great opportunities and inherent risks. Here’s a look at four elements of the Industrial Internet of Things, and how managing these risks can help manufacturers turn it into a competitive advantage.
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Red umbrella. Text, Understanding connected manufacturing. An animation of circuits and factory production lines.
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SPEAKER: From predictive maintenance that can help prevent costly downtime to smart factories that run more agile and efficient automated production lines, connected manufacturing is changing the way business gets done around the world.
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Technology offers the promise of producing goods at higher quality and lower cost with greater flexibility and control over the production process.
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But it's not without risks.
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Here's a look at four elements of the Industrial Internet of Things, and how managing these risks can help manufacturers turn it into a competitive advantage.
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Computers and smartphones.
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One, connected devices.
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At the core of IIoT are the sensors that collect data and the actuators that energize motors and other actions.
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But if a connected device malfunctions without automated backups or additional oversight, defects could be introduced, such as dimensional defects or undetected foreign objects on an assembly line.
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This could compromise quality and result in large quantities of unacceptable product.
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Two, communication systems.
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Routers sending signals.
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Networks allow devices to communicate with each other, to the cloud, or to mobile devices.
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Without proper encryption and firewalls, information transfer could be brought to a halt, or proprietary data might be accessed by competitors.
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Three, data storage. Data collected by the connected sensors is stored for real-time and future analysis.
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If third party vendors storing your data do not manage data security as vigilantly as necessary, your intellectual property could be at risk.
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Four, data analytics.
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Computer algorithms interpret stored data for actionable insights.
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If algorithms are flawed or data inputs are compromised, an IIoT application intended to control process flow or to place orders for raw materials might cause production delays.
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Safety features, data protection measures, effective risk management, and good design decisions can help reduce risks, from protecting your brand and reputation to safeguarding your supply chain. New technologies can bring both great opportunities and inherent risks.
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Careful evaluation of available insurance coverages can help protect a company from risks associated with this technology.
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To learn more, visit Travelers.com/Manufacturing.
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