Intelligent machine and device interconnection technologies (IoT) offer up to 60% improvement in production time, up to 20% in production rate and up to 10% reduction in maintenance costs, according to an event organized by the BSE Digital Transformation Observatory.
As stressed by the speakers, if applied to even more Greek industrial companies, modern IoT practices will lead to 25% more efficient utilization of production equipment with higher production levels and reduction of machine idle time and up to 99% assurance of product quality standards. The benefits of IoT make businesses more competitive and resilient, features that are essential to their survival in the post-Covid era. In the discussion, it was emphasized that IoT technologies, with the help of artificial intelligence tools and machine learning, enable optimal decision making at both production and management level.
At the beginning of the workshop, Mr. George Xirogiannis, Deputy General Manager of SEV, noted: “The IoT does not only have technological content. It is an opportunity to transform the business model, especially in industry. The use of sensors and intelligent data exchange devices from “It provides great visibility for the performance of industrial facilities. However, a smooth utilization of the data collected is required, so that intelligent analysis tools give value, flexibility and resilience to businesses.”
Machhour Jeryess, Business Development, Oracle’s SCM Strategy Leader, said: “On the production line, we can – in every machine – achieve continuous monitoring of its operation, predict errors and correct technical failures, restoring smooth flow.”
Source: Capital
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