Connect with us


What is the Role of IoT in the Manufacturing Sector?



internet of things

The development of many industries, notably the manufacturing industry, is significantly influenced by technological improvement, especially the internet of things which has led to significant advancements in the manufacturing industries.

Technological revolutions have been frequent in the manufacturing industry, with the development of equipment to lessen the workload of humans and eliminate the need for manual labor while boosting efficiency.

Artificial intelligence (AI), the Internet of Things (IoT), and big data analytics are all technological innovations in the industrial sector. The IoT has been very beneficial, especially for industries that need rapid development and high-quality products.

This piece will examine the Internet of Things applications in the industrial sector. Let’s begin with defining IoT to have a better understanding.

What is Inter of Things in the manufacturing sector?

The Internet of Things is a network that connects gadgets such as computers and electrical software devices with sensors and other technologies built to exchange data online.

In line with the expanding digitization of numerous operations across many industries, the IoT is swiftly increasing its significance in manufacturing. Therefore, implementing IoT might increase productivity to new heights, supporting industrial sectors in achieving their financial goals and preserving their competitiveness in the market.

IoT applications in the industrial sector?

IoT is being used by manufacturing facilities in a variety of methods and departments to streamline the production process. Technology aids in managing warehouses, tracking development cycles, and keeping an eye on stocks.

Let’s examine a few areas in the industrial sector where IoT is being utilized to boost production and efficiency.

GPS is used by IoT devices to track a variety of goods and their delivery effectively. Sensors are attached to products using IoT technology, allowing businesses to accurately predict delivery times and eliminate delivery-related issues.

Additionally, the IoT adds Enterprise Resource Programs (ERP) to do away with the requirement for manual operation documentation. Cross-channel visibility in the management departments is made possible by ERP, which aids stakeholders in assessing production activities.

The status of the machinery, settings, and performance, which collectively have a direct influence on the quality of goods, may all be tracked by a unique sensor that manufacturers can integrate into IoT networks.

IoT networks disclose any faults in real-time, enabling operators to take the appropriate action to stop quality from declining, which might influence the sector’s profitability due to manufacturing defective products.

Manufacturing industries may access, identify, and regulate the manufacturing execution process with the aid of IoT, enabling the sector to keep track of the production process from the beginning to the finished product.

IoT also helps to discover potentially tricky circumstances, machine problems, and improper staff behavior that might damage. AI, cutting-edge sensors, and cameras found in IoT systems enable all of these.

A product’s digital twin is created due to the Internet of Things. The management can utilize it to collect data on a product’s digital twin to evaluate its efficacy, efficiency, and accuracy.

Additionally, Digital Twins improve processes like asset management and failure management, helping the sector predict baseline completion and effectively finish the production before deadlines.

Inventory tracking may be streamlined and automated with IoT technologies. Operators may remotely track each inventory item’s status, position, and movement, which helps to shorten the time between placing an order for inventory and having it delivered.

What are the benefits of IoT in manufacturing industries?

The industrial sector is seeing an increase in the adoption of IoT technologies since they enhance corporate operations on many levels. Here are a few advantages of IoT for the industrial sector.

  • Product quality improvement.

Sensors enable IoT-powered devices to monitor changes in machine setups and settings. In the event of an error, sensors warn operators, who may quickly address the problems to prevent a drop in product quality.

IoT sensors make it possible to continually monitor the condition of machinery and alert employees when a repair is due. It helps the operators to avoid spending money when it is unnecessary and to detect urgent maintenance quickly.

  • Enhance workplace safety.

IoT technologies assist in tracking worker behaviors that may cause accidents. With sensors and cameras for surveillance, it can also keep an eye on various external conditions and alert users to situations that may result in significant incidents like a gas leak.

  • Minimizing the cost of production.

IoT technologies promise to reduce machines’ operating costs and downtime while maximizing asset and inventory management. These help the business concentrate on selling the items rather than just being concerned with doing these activities.

Managers may base their choices on more accurate information and take action to increase productivity as IoT sensors collect all essential data linked to the operation of your equipment.

Other benefits of IoT are:

  • Improved control over the world’s supply chain.
  • Client satisfaction
  • help in Saving time.
  • Command over articular systems.
  • Make it possible for makers and machines to communicate.

What are some challenges with adopting IoT solutions in the manufacturing industry?

internet of things

Despite all the advantages the Internet of Things may bring to the enterprise, several sectors choose to put off using new technologies. The reasons why they do so are as follows.

  • Maintaining connectivity.

IoT technology is increasingly being used in the manufacturing industry as it comprises several intelligent devices and sensors that must be utilized continuously for data to be obtained and essential processes to be performed.

A strong Wi-Fi connection is required to keep the production and distribution floors operating efficiently. However, one of the primary problems with these systems is ensuring connection quality isn’t affected by network congestion brought on by so many gadgets.

  • It requires education and training.

With all the moving components in the IoT, it may be tricky for industrial companies to accept new technology without enough training. Therefore, proper training and know-how are crucial for any business implementing IoT technology. If any online training and certification  (examtesting  dot com) programs are being given for the usage of IoT, industrial companies can use them.

  • Maintaining the health of networks through monitoring.

With IoT, keeping an eye on the network to ensure it is functioning well may be a persistent problem since manufacturers want regular insight into the network’s availability, reliability, and performance. In addition, any systemic influence can affect the entire sector, necessitating constant attentive supervision.

  • Collecting best practices and using data analytics.

Best practices for data collection and analytics must advance with the technology. For insights to be delivered, devices must cooperate and interact with one another. Team members may often examine these insights via a cloud-based dashboard.

The entire process depends on company-wide activities, which may be highly expensive, including data cleaning and storage, integrating new technology and information streams, and more.

The IoT has created new security issues, such as the possibility of cyberattacks increasing as IoT technologies are integrated into business operations. As a result, industrial organizations need to make sure that they implement upgrades to remedy flaws.


Manufacturers can solve various industrial issues through the Internet of Things. For example, predictive maintenance decreases machine downtime inside industrial facilities, provides asset management that boosts machine efficiency, and helps with inventory control.

We may thus conclude that IoT is the future of manufacturing since, despite the difficulties, it benefits both producers and consumers.

Inner Image Credit: Provided by the Author; Thank you!

Featured Image Credit: Kateryna Babaieva; Pexels; Thank you!


Fintech Kennek raises $12.5M seed round to digitize lending



Google eyed for $2 billion Anthropic deal after major Amazon play

London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

Continue Reading


Fortune 500’s race for generative AI breakthroughs



Deanna Ritchie

As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

Continue Reading


UK seizes web3 opportunity simplifying crypto regulations



Deanna Ritchie

As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

Continue Reading

Copyright © 2021 Seminole Press.