The Covid-19 pandemic caught the world unawares and, consequently, had an unprecedented level of impact that created both supply and demand shocks for almost all industries.
The short-term and medium-term fallouts include a liquidity crunch, shortage of raw material, decrease in consumer demand, deferral or shelving of launches and even shifting of production bases.
As the initial shock wears off, manufacturers should now work towards making their business more resilient. They should relook at their processes, identify any gaps that may exist, and engage with technology and solutions providers who can help them emerge stronger from the current crisis and be better prepared for any in the future.
Most organizational priorities now involve digital interventions
The path to revival is multi-phased. Even as organizations respond to the present situation with some immediate steps, they must, at the same time, work towards recovering lost value in the months and the years ahead. One of the ways to do this is by reinventing the businesses with long-term digital interventions. Already, organizations priorities have changed considerably since the onset of the pandemic. Most business leaders would agree that the current business environment necessitates all employees to be remotely connected to the core organizational applications in order to ensure business continuity.
Lower cost of operations, minimum breakdowns, availability of skilled manpower and maximum utilization of equipment will be some of the key priorities for organizations going forward, and will lead them to look for reliable, end-to-end digital solutions. A recent McKinsey survey among manufacturing and supply-chain professionals found that 93 percent of them intended to focus on building resilience in their supply chain, and 90 percent planned to invest in talent for digitalization initiatives. This is a positive sign. Technology interventions can prove highly effective in ensuring that sites, assets, and people work seamlessly, and enable the organization to address, prevent, predict, and even proactively manage issues. Moreover, with the digital platforms available today, many functions can be performed even without the physical presence of people at a particular place. Additionally, migration from manually recording assets data in logbooks to remote condition monitoring unlocks several opportunities for operating processes and maintenance optimization.
For instance, remote sensor-based technology can be used for real-time assets condition monitoring, and headset technology can allow virtual inspections and diagnostics of equipment by experts, thereby enabling the optimization of operations and preventing breakdowns. Sensors can allow for seamless monitoring of equipment for normal operating conditions, idle time, and other important parameters – thus providing data that can be analysed and acted upon to take right decisions on process improvement, predictive maintenance to improve productivity and optimize the cost of operations.
Digitalization will have applications in all industries, and all processes, including lubrication
Companies, especially those engaged in manufacturing, should consider embarking upon a complete digital transformation of both their on-site and channel operations. Remote, contactless, automated processes are the need of the hour since the Covid-19 pandemic, and organizations can deploy digital solutions to transform the way they operate and do business. Digitalization is about leveraging the capabilities of IT in its varied forms, including artificial intelligence (AI), virtual reality (VR), and the Internet of Things (IoT). AI-based solutions can augment maintenance procedures and provide guidance on the most optimal and efficient operational processes, effective repair or maintenance procedures, thus helping improve efficiency and productivity of assets, failure diagnosis, reduce the average time to repair, and improve the first-time fix rate.
We are amidst the Fourth Industrial Revolution, and technology is evolving faster than ever, promising benefits for all sectors. As automation plays an increasingly larger role in industrial operations, it is important to minimize machine breakdown and downtime, as they can result in significant losses. It is, therefore, essential to act with foresight and think long-term in making all decisions, including those related to lubricants.
As we move ahead, assets management including lubrication will increasingly have smart sensors integrated with machine systems and enabled with Machine Learning (ML) algorithms that enable real-time monitoring and optimization of machinery processes. This will help in preventing unplanned breakdowns and improving the reliability of the machinery. Furthermore, it can also ensure maximum utilization of a components and lubricant’s residual life, thereby reducing the overall total cost of ownership.
Digitalization can lead even the mining industry towards smarter and safer ways of mining. Traditionally, the manual tracking of a large mining and construction equipment fleet results in high operational expenses, high fuel consumption, large carbon dioxide footprint, and loss of operating hours. These issues can be addressed by using wireless telematics solutions that track the machine’s operational hours and location round the clock. Remote sensor-based technologies can also enable predictive maintenance for industrial operations through real-time oil condition monitoring.
It is clear that the future holds digital transformation for all industries. And, as we get there, we will see businesses rely more and more on digital and automation platforms to blend the online and the offline, and to bring greater visibility and accountability to every aspect of their operations.
