An employee operates a device at a workshop in Wuxi Paike New Materials Technology Co in Binhu district, Wuxi, Jiangsu province. [Photo/WeChat account: wxbhfb]

Wuxi Paike New Materials Technology Co, which is located in Binhu district, Wuxi, East China's Jiangsu province, was recently included in a list of model factories for industrial internet released by the Jiangsu Provincial Department of Industry and Information Technology.

A model factory for industrial internet is one that uses technologies such as data collection and modeling to improve its production and marketing.

Paike has been developing and manufacturing ring forgings used in aviation and aerospace for more than 10 years. The company, which currently has 40 invention patents and 28 utility model patents in the sector, has invested 100 million yuan ($14.34 million) into the building of a big data system and the application of 5G technology in its production, services, and management.

Data shows that the industrial internet can help companies reduce production and operation costs, defect rates, as well as research and development times by 52 percent, 36 percent and 52 percent respectively. It can also improve overall equipment effectiveness, labor productivity, and material utilization rate by 15 percent, 26 percent and 42 percent.

Binhu district has been accelerating efforts to promote the digital and intelligent transformation of local companies and to introduce suppliers of intelligent manufacturing systems and industrial internet services.