Business Transformation- 8 Benefits of IoT
In the past decade, IoT, or the Internet of Things has accelerated the business transformation around the globe. It is anticipated that the IoT devices market will reach $1.1 trillion by 2026. An integral part of the Supply Chain 4.0 drive, IoT cellular connectivity offers vital insights on marketing.
Optimization of the industrial process can be carried out when the Industrial Internet of Thing (IIoT) is combined with sensors, wireless networks, big data, cloud computing and AI. Just like Amazon’s Echo and Google Home (for home purpose), IoT can be effectively used in companies for improved business modules.
How to Make the Most of the IoT in Business?
If you are running short of ideas as to how to apply the IoT in business, you first need to understand the working principle of IoT. You have to comprehend the functioning of sensors, connectivity, data processing and interface. When you get to the bottom of this, you will see that IoT finds application through a lot of ways. Some of them are highlighted below.
1. Fleet Monitoring
Fleet Monitoring is used to refer to the real-time vigilance of vehicles, cargoes, drivers using the cloud. With ORACLE IoT Fleet Monitoring, one can gain real-time visibility into the location of the vehicles, cost of operations, vehicle usage, etc. It is predicted that by 2021, the IoT Fleet Management Market will be worth 8.28 billion USD.
When the fleets and the cargoes are connected to the IoT, it empowers the companies to keep equipment on the road, and reduce costs. It also helps the companies to improve customer experience by enhancing the ETA forecasting. Through data analytics, businesses can perform predictive maintenance, and make informed decisions.
2. Risk Mitigation
A business model must have a value-based operation version. Are you aware of the fact that IoT can be used for tracking and monitoring workers? The workers attach wearable IoT devices like fitness trackers, GPS trackers and smartwatches so that the companies can gain improved visibility into the worksites. This proves to be useful in cases when the workers are subjected to hazardous conditions. The IoT devices will reveal the location and health condition of the employees.
IoT devices have even been used for rescue operations. The mSafety platform from Sony NCE combines wearable and a cloud based platform connected to the IoT Accelerator. The data collected from these devices help companies modify policies and prevent accidents.
3. Office Awareness
Connected assets like smartphones, laptops, camera provide real-time insights and help in increasing awareness about office scenario. Just like Smart Homes, office premises can be made “smart” incorporating AI and IoT. From intelligent lighting to smart coffee machines, IoT can certainly ease off your workload and ensure productivity.
For personal-level management, Alexa, Cortana and Siri come in handy. These virtual assistants help in scheduling tasks, provides reminders, search resources, etc. Moreover, the interface is user-friendly, and it uses voice queries to make recommendations and answer questions.
4. Equipment Tracking
In big establishments, having numerous departments, it is increasingly difficult to keep track of the assets. However, with IoT tagging feature at your disposal, you can easily monitor the laptops, phones, projectors that the companies hand out to the employees. If the statistics are to be believed then by 2021, we can expect to see 25 billion connected devices. If this is true, then IoT security will help the companies detect malicious activities.
If you are curious to know how the smart tags work, follow along. First, data collection is carried out by the sensors (bio, motion sensors). Following this, tracking is done with the help of GPS, RF, geomagnetic and ultrasonic techniques. Thirdly, a microcontroller processes the signals and sends the data to the cloud applications. Based on this, AI, Deep Learning, Big Data algorithms are applied to generate vital insights.
5. Activity Tracking
IoT sensors perform a variety of operations. It can be used to track the activities of the employees in the office premises. Thus, it will help the supervisors to determine who are not devoting their 100% towards work, through an application named Mapiq. In addition to this, applications like Matrix Detect & Nearby, based on the culmination of sensor-based technology and advanced beacon, enable proximity-based searches.
Moreover, the HITS IoT heat map and sentimental analysis solution help to gauge customer satisfaction. It is intelligent enough to identify and match the retail store visitors, verifying them with the database records. And it helps in conducting meaningful data analysis over Microsoft Power BI for enhanced decision making.
6. Fostering Partnerships
Every technology comes with its advantages and shortcomings. However, with IoT technology on the rise, companies are forming partnerships to help leverage their strengths and forward solutions quickly. These partnerships can be of the form- Original Equipment Manufacturer Partnership, Technology Partnership, Channel Partnership and Co-Marketing Partnership.
Nowadays we hear about these kinds of collaborations often. For instance, Lockheed, Boeing, Orbital ATK and SpaceX share resources to reach common goals. And, in the telecom industry, one company is always helping others. For example, Nokia is supposed to partner HP Enterprise to make smart city solutions and enterprise IoT. In addition to this, discussions are going on over the integration of IoT and IoE (Internet of Everything) to interconnect network devices, sensors, smartphones, etc.
7. Cost Reductions
One of the most important aspects of the adoption of IoT lies in the fact that it helps to reduce operational expenditures and downtime. For instance, the digital twin technology has been a game-changer, ever since it was introduced. Digital models of physical assets can be created using real-time data. In the physical world, if one of the components fails in a system, it would lead to a huge delay. But, now that you have the virtual system in place, you can carry out the task easily.
Furthermore, there is no need for rescheduling of tasks. With IoT at hand, the productivity of the service and goods will increase manifolds. Using a heuristic maintenance scheduling algorithm, the modeling process can be made less time-consuming through Microsoft Azure.
8. Creation of Business Models
There is a reason why 58% of companies have already adopted IoT devices and have well-developed initiatives. This is because it helps the companies come up with modified strategies for the expansion of the company. Since, the IoT logistics provide vital insights into the customer feedback, supply chain statistics; companies can set targets based on the data.
Moreover, IoT helps organizations to circumvent traditional methods and adopt new revenue streams. For example, Brita’s Infinity Water Pitcher is using the Razor Blade IoT Model, which allows you to sell more products. On the other hand, Outcome-Based IoT model reflects the innovative approach enabled by IoT products.
If you are working on IoT Trends, you will get optimumassignment helpfrom the above mentioned points. In the meantime, what you read can be construed as the “tip of the iceberg”. More technologies, driven by IoT, are yet to arrive. But, if you want to employ IoT in your business immediately, these are some of the sectors which you should look into.
Author Bio: Olaila Lee is a marketing expert, and he has a lot of experience in the IT business industry. He is also associated with MyAssignmenthelp as the managing head, and he monitors the vancouver referencing style service offered by the experts.