It’s generally acknowledged that Industry 4.0 offers great opportunities for businesses to obtain and analyze data for use in predictive maintenance and improved efficiency. Companies are increasingly implementing IoT systems with the global spending on IIoT (Industrial IoT) platforms for manufacturing predicted to grow from $1.67Bn in 2018 to $12.44Bn in 2024. However, many companies are concerned about the investment cost of implementation – do the benefits outweigh these costs? Can companies expect a return on their investment? And if so when?
The predictive maintenance benefits of IIoT enable companies to reduce their operational costs, optimize energy management systems, improve efficiency, ensure safety and prevent costly downtime due to asset failure.
Ilika plc (LON:IKA) is a pioneer in materials innovation and has been inventing new materials for energy and electronics applications for over a decade. Global brands such as Rolls Royce and Toyota have long term collaborations with Ilika’s development teams.