The transition to industry 4.0 can seem daunting at first. How much will it cost? How will it fit my process? How long will training staff take? All common questions we get asked from manufacturers. The most common question we get asked is “how soon can I expect an ROI?”. Luckily, the answer is simple: VERY SOON. In fact, one client of ours managed to save $300 per day as a direct result of our machine monitoring, which allowed the system to pay itself off in less than a month.
There are many reasons our clients experience fast ROI, but it comes down to a few key factors:
- Process Improvements
Our non-invasive installation is a major factor in obtaining a quick ROI. Our hardware is bolt-on, there’s no lengthy installation process and machinery doesn’t need to be shut down to do it. That means you don’t lose valuable machine hours, nor will the installation contribute to downtime. You continue production while we connect our value-adding solution. Following the quick installation, your smart-factory is fully functional and ready to monitor.
Unlike other advancements such as AI, automation and robotics, machine monitoring is relatively inexpensive. Installation of machine monitoring is nowhere near as intensive as AI systems or automated robotics because it does not involve altering or rebuilding existing infrastructures—it’s fairly simple to incorporate. Once activated, FreePoint’s ShiftWorx starts collecting data and begins the process of paying themselves off immediately.
Meaningful Process Improvements
As machine monitoring and downtime narration work together, manufacturers gain valuable process insight. That insight allows managers to make informed changes to their process in real time. More accurate production forecasting, bottleneck identification and downtime alerts are just a few of the ways IIoT solutions can revolutionize the way your factory operates for the better.
Recording reasons for machine downtime empowers your employees to decrease lost machine time and increase the value-adding activity the machines can perform. This in turn decreases production cost and increases capacity, resulting in a much faster ROI.
When you can expect ROI in weeks, it is a powerful motivator to make the transition to industry 4.0 today. If you are wondering how long it will take you to get an ROI from your IIoT investment, try out our free ROI calculator!