There has been a definite buzz around IoT in the last few years. This generic name applies to any combination of sensors, gadgets, measuring devices, and a processing unit. It is popping up in manufacturing, transportation, healthcare, and many other activity sectors. Unfortunately, such set-ups usually produce more data than they can process and organizations adopting them don’t see an immediate return on investment. The best way to get real value from IoT is to use all the generated information as raw matter for predictive analysis. This is because you need to look at the process as an ensemble, combining data from different points to understand potential pitfalls.
A Lean Approach to IoT
We will evaluate the use of predictive analysis to increase the value provided by IoT through the perspective offered by the seven wastes as defined by the lean philosophy. We will also indicate ways and real-life situations by which IoT, in conjunction with a predictive analytics solution can make a difference for the efficiency of the process.
Waiting time and Downtime
In industrial settings, every minute of waiting or downtime costs thousands of dollars. An industry survey states that an outage that lasts a single hour canexceed $100,000 and it is expected to rise annually. The same applies to idle time spent on the plant’s floor waiting for another phase to be completed.
The data collected by
Article source: http://www.iotevolutionworld.com/iot/articles/440111-lean-approach-predictive-analytics-iot.htm
