Digital technologies are increasingly being customized to serve the needs across multiple industries with maximum application being witnessed in automotive, healthcare, aerospace and defense, chemical and consumer goods.
The automotive industry is witnessing rapid digital adoption with benefits including faster time-to-market and lower costs. The A&D industry has one of the highest rates of digital adoption owing to the sheer complexity of its value chain. Digitalization in healthcare is centered around medical devices and pharmaceuticals. Even though, the chemical and consumer goods industries are late bloomers, they are now not only transforming production but also creating smart supply chains and new business models.
A diaper manufacturer had been replacing cutting blades at fixed intervals regardless of their working condition. This sometimes resulted in blades being replaced too soon or too late, which either increased costs or affected productivity.
To address this problem, the company installed sensors in its machines which could detect microfibers and other debris which indicated blade dullness. This data was then uploaded onto the cloud and fed into customized algorithms to determine the best time for replacement of the blade.
According to McKinsey estimates, the application of predictive analytics by consumer goods companies has decreased maintenance costs by 10%-40%.
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